Malaysia-headquartered COPE Private Equity (that was earlier known as CMS Opus Private Equity) Monday said it had fully exited Serba Dinamik Holdings Berhad (Serba), after staying invested in the company for four years.
COPE had invested in a subsidiary of Serba for MYR35 mil (US$9 million) in June 2013 via two of its private equity funds – COPE-KPF Opportunities 1 and COPE Opportunities 2. With the full exit in January 2018, COPE has more than covered the cost of its investment, generating IRR of 79.2% and money multiple of 8.9x on the capital invested, the firm said in a statement.
COPE had exited Serba as it was nearing the approaching maturity of both private equity funds.
During the period it was invested in Serba, the latter grew its revenue 4.9-fold and net profits 5.3-fold. For the 9 months ending 30 September 2017, Serba’s revenue and PAT was MYR1.9 bn (US$490 million) and MYR227 mil (US$59 million) respectively, it said, while adding that the the company’s growth had come due to its efforts to make a ‘concerted push to develop business outside its home market of Malaysia to the Middle East, Indonesia, and the United Kingdom. For the 9 months ending 30 September 2017, 71% of Serba’s revenue was contributed from its international operations, up from 45% in 2013, it added.
Dato Dr IR Mohd Abdul Karim, Group Managing Director and Group CEO of Serba Dinamik, said that COPE team had played an integral role in helping the company to execute its international expansion.
Dato’ Azam Azman, Managing Partner of COPE Private Equity, said he was confident that Serba, with a strong track record and record order book, would scale new heights.
The private equity firm, which says it has assets under management (AuM) of over MYR500 million, had announced two exits last year.
In March 2017, it had exited 29.37 per cent equity stake in Damini Corporation via redeemable convertible preference shares. It had invested in Damini, a supplier and distributor of water meters and metering solutions, in 2015. Early last year, its portfolio company – engineering solutions provider Serba Dinamik – had raised over $130 millionon Wednesday when it listed on the Malaysian stock exchange.