<article>Private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/ex-macquarie-asia-pe-head-hugh-dyus-joins-navis-capital-partners-6666/" target="_blank" rel="noopener">Navis Capital Partners</a> has said it will divest its controlling interest in Singapore-based printed circuits board solution provider MFS Technology to Hong Kong-based DCP Capital Partners, marking the first exit from its $1.5 billion fund VII.</article>

Private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/ex-macquarie-asia-pe-head-hugh-dyus-joins-navis-capital-partners-6666/" target="_blank" rel="noopener">Navis Capital Partners</a> has said it will divest its controlling interest in Singapore-based printed circuits board solution provider MFS Technology to Hong Kong-based DCP Capital Partners, marking the first exit from its $1.5 billion fund VII.
The Kuala Lumpur-headquartered private equity firm, that is focused on investments in Asia Pacific, is set to generate a 3 times multiple on the investment that was made in November 2014 together with minority co-investor Novo Tellus Capital Partners (NTCP), a source familiar with the development told DEALSTREETASIA.
&#8220;It is a good exit,&#8221; the source added.
Navis and Novo Tellus had bought MFS from United Engineers Ltd in a $94.6 million (SG$124 million) deal in 2014. United Engineers had 57 per cent interest in MFS through its indirect subsidiary WBL Corporation Limited and wholly-owned subsidiary UES Holdings Pte Ltd.
MFS provides with applications focused on automotive, industrial systems, medical devices and data storage. MFS operates out of Singapore, Malaysia and China.
Navis and NTCP, after coming on board, led the company to invest in significant capacity and technology improvements to its Malaysia operating facility, focus on R&amp;D innovation and drive operational initiatives to increase efficiencies, a statement issued by Navis said on Thursday.
After the exit, Tan Bian Ee will continue as CEO of MFS under DCP Capital, together with the existing senior management team.
&#8220;We enjoyed working with the Navis and NTCP teams and have appreciated their support over the last three years. We are excited to be taking a stake in this business together with DCP, and look forward to further enhancing our solutions with their support.&#8221; said CEO Tan said.
The current buyer of MFS Technology, DCP Capital, is 2017-founded private equity firm by former KKR executives David Liu and Julian Wolhardt. While David Liu was the co-head private equity at KKR earlier, Wolhardt spent ten years at the private equity major.
Meanwhile, Navis is currently learnt to be raising its eighth fund Navis VIII, a vehicle significantly larger than Navis VII worth $1.5 billion. According to reports, Navis may be looking at raising close to $2 billion for its next Asia Pacific-focused vehicle.
The firm has invested in manufacturing, healthcare and a luxury furniture brand among others. Among its investments are Imperial Treasure (food), B Medical Systems (healthcare) and Nitipon Clinic (beauty), Indonesian medical equipment distributor Tawada Healthcare, Vietnam’s Hanoi French Hospital and furniture and lifestyle brand Christian Liaigre.
The exits for the firm last year included a divestment of majority interest in Australian clothes retailer Retail Apparel Group (RAG) to South Africa’s The Foschini Group in a deal worth $225 million. It also sold its interest in Australia-based childcare business, Guardian Early Learning Group, to funds managed and advised by Partners Group.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/navis-eighth-fund-target-2b-78682/">Navis to launch its eighth fund next year, may target raising up to $2b</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/navis-novo-tellus-complete-97m-mfs-tech-acquisition-956/">Navis Capital, Novo Tellus complete MFS deal</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/navis-capital-achieves-final-close-1-5b-fund-vii-2516/">Navis Capital achieves final close of $1.5b Fund VII</a>

Navis Capital Partners has said it will divest its controlling interest in Singapore-based MFS Technology to Hong Kong-based DCP Capital Partners

Navis' fund VII to mark first exit with stake sale in Singapore's MFS Technology

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Navis' fund VII to mark first exit with stake sale in Singapore's MFS Technology

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