SEAVI Advent divested a controlling stake of approximately 27% on 25 May 2012 of its Singapore listed portfolio company, Sin Heng Heavy Machinery Limited (“Sin Heng”), to Toyota Tsusho Corporation (“Toyota”), a member of Toyota Motor Corporation, for a total consideration of S$26 million.
SEAVI Advent’s stake in Sin Heng resulted from a Leveraged Management Buyout from its founding shareholders in July 2008. Over the past years, SEAVI worked closely with the management on their business expansion plans and in February 2010, successfully brought the company public through its Initial Public Offering on the Stock Exchange of Singapore.. Through its business expansion strategy, Sin Heng expanded its presence further from Singapore to the other regional countries in Malaysia, Vietnam, Myanmar and China.
Mr. Don Tan, Sin Heng’s Managing Director, commented: “We are appreciative of SEAVI’s guidance and assistance all these years in bringing us to a higher level of development and thank SEAVI’s for their meticulous efforts in finding us a good and reputable new business partner to work with.”
Mr. Derrick Lee, Managing Partner of SEAVI Advent, said: “We are glad to have worked with the management team in Sin Heng who has proven themselves with their business acumen, dedication and passion in bringing about Sin Heng’s achievements over these years. We trust that Sin Heng will have a great future ahead with their new shareholder, Toyota, through their business alliance that will reap many mutual benefits and synergies”.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the exclusive Asian affiliate of Boston based private equity firm Advent International Corporation, is one of the first private equity and venture capital firms to operate in the Asia Pacific region. Since 1984, the firm has invested over US$500 million into more than 100 Asian companies, from growth to late stage, as well as buyout and control transactions. SEAVI Advent has been instrumental in delivering value for many of its portfolio companies, which include Yangzijiang Shipbuilding (Holdings) Ltd, Chemspec Corporation, Shengli Oil & Pipe Holdings Ltd, Venture Corporation Limited and IDS Group.
About Sin Heng Heavy Machinery Limited
Sin Heng Heavy Machinery is one of the leading home grown heavy lifting service providers in Singapore. With over 40 years of experience in the industry, the Group is now embarking on its strategy to expand its regional presence in Myanmar, Vietnam and Malaysia as a springboard to a period of strong growth.
Listed on the SGX Mainboard in February 2010, Sin Heng’s customers include major players in the infrastructure and geotechnic, construction, offshore and marine as well as oil and gas industries. The Group played a key role in a number of landmark infrastructure and construction projects in Singapore, including the Singapore Flyer, Marina Bay Sands Integrated Resort, Resorts World at Sentosa and Marina Coastal Expressway.