SEAVI Advent Private Equity (“SEAVI Advent”) completed an S$11.8 million equity investment into Hu An Cable Holdings Ltd (the “Company”) by acquiring 28 million ordinary shares or 4.22% stake in the Company.
Based in the wire and cable hub of Yixing City of Jiangsu Province, the Company is amongst the top 10 fully integrated wire and cable manufacturers in China. The Company’s products are widely used in traditional power generation (such as coal-fired) and alternative power generation (such as wind, solar and nuclear) plants; power transmission and distribution grids; coal mining and ship-building industries; transportation networks and real estate projects; various electrical equipments and devices for industrial and household uses. The Company is also capable of manufacturing a variety of other products such as copper and aluminium rods and plastic cable materials.
The Company is a qualified supplier to bellwether companies such as the State Grid Corporation of China, China Southern Power Grid, China Huadian Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, etc. Due to its wide range of industry accreditation, the Company has participated in several prominent state projects such as the Beijing Workers’ Stadium for the 2008 Beijing Olympic Games, the Datong-Baotao railway upgrading project, the Baiyun’e'bo wind-powered electricity generation project, Nanjing Subway Line 1 and various airport upgrading projects in major cities.
The Company and its subsidiaries recorded consolidated revenue of RMB 1,372.4 million and net profit after tax of RMB 133.6 million. The Company launched its initial public offering and listed on the Main Board of the Singapore Exchange Securities Trading Limited on 8 Feb 2010 and successfully listed its Taiwan Depositary Receipts on 28 Oct 2010.
SEAVI Advent sees interesting growth prospects for the Company as it is a clear beneficiary of massive infrastructure rollout in China and that the Company has strong growth potential with its strategic move into ultra-high voltage cables market.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the Asian affiliate of Boston based private equity institution 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 many 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, Venture Corporation Limited and IDS Group.