Platinum Equity has completed the acquisition of the Foam Plastic Solutions (FPS) and Flow Control Devices (FCD) businesses of Broadway Industrial Group Limited.
FPS is a leading supplier of protective packaging, insulation and component products to the consumer electronics, automotive, medical and other end-markets. FCD supplies high-performance parts such as valves, fittings, sensors, and related components used in diverse end-applications.
Platinum Equity is a Los Angeles-based global private equity firm focused on acquiring businesses that can benefit from the firm's operational expertise. The acquisition was led by Platinum Equity's Singapore office.
Jacob Kotzubei, the partner in Platinum Equity's Los Angeles headquarters who oversees the Singapore-based team, said the investment leverages Platinum Equity's expertise in corporate divestitures and strong presence in Asia.
"We have been providing divestiture solutions to corporate sellers around the world for more than 20 years and know what it takes to help standalone companies in our portfolio maximise their potential," says Kotzubei. "We have an experienced team in Asia that can provide hands-on operational support on the ground while at the same time tapping into our global network of resources."
Platinum Equity has long had a presence in Asia through the operations of its portfolio companies, with total employment today now exceeding 20,000 people across multiple portfolio companies in a range of different industries.
The acquisition of FPS and FCD marks the firm's second acquisition of a business headquartered in Asia. In April 2015 Platinum Equity acquired Chinese manufacturer Ying Shing Enterprises Limited (Ying Shing), a vertically integrated manufacturing solutions provider for customised precision-engineered plastic injection moulded and metal stamping components.
Soo Jin Goh, Principal at Platinum Equity and co-head of the firm's Singapore-based team, said growing the newly acquired business is a top priority.
"We are working closely with the management team to ensure a seamless transition and to begin executing on the company's long-term strategic growth plan," says Goh. "This acquisition creates a strong platform for expansion, both organically and through potential add-on acquisitions.
