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SEAVI Advent’s Management Buyout of Sin Heng Heavy Machinery Pte Ltd in Singapore

July 2008

SEAVI Advent Private Equity together with management, completed a Management Buyout of Sin Heng Heavy Machinery Pte Ltd (“Sin Heng”) from its founding shareholders.

With history dating back to the 1960s, Sin Heng has grown to become one of the leaders in the heavy lifting equipment business in Singapore with a fleet of near 300 pieces of heavy equipment. The company’s core activity is the rental of cranes and aerial work platforms to major players in construction, transport infrastructure, oil and gas, shipbuilding and offshore marine industries.

The attraction of this business is its scalability and the potential for consolidation in a highly fragmented market. Furthermore, buoyed by the strong pipeline of construction and infrastructure projects in Singapore and the region, the company is poised to benefit from the robust demand for lifting equipment over the next 3 to 5 years.

Don Tan, Sin Heng’s Executive Director, commented: “This MBO marks the beginning of an exciting phase for Sin Heng. I am very confident that this partnership will bring aboard invaluable combined experience to spearhead the company to its next level of development.”

Yidar Teo of SEAVI Advent, said: “Sin Heng has established itself firmly as a superior service provider backed by decades of experience in the heavy lifting business. As new investors, we will focus on capitalising the company’s strengths and support management in driving operational improvements and business expansion.” Going forward, Sin Heng will increase its fleet capabilities and product offerings. In addition, the company will explore opportunities overseas to enlarge its global footprints and increase its recurring revenue streams.

About SEAVI Advent

SEAVI Advent, the Asian affiliate of Boston based private equity institution Advent International, 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 successfully helped more than 40 portfolio companies strengthen their business positions through initial public offerings on the stock exchanges of Singapore, Hong Kong, United States of America, Malaysia, Thailand, Indonesia and Philippines.

In recent years, SEAVI Advent has successfully participated in the Management Buyouts of Speedy-Tech Electronics Ltd and Inchcape Marketing Services Ltd, both were subsequently listed on SGX-ST and HKSE respectively. In addition, SEAVI Advent has also been instrumental in delivering value for its portfolio companies, which include Venture Corporation Ltd and Yangzijiang Shipbuilding (Holdings) Ltd.

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