Asia-focused PE fund manager ShawKewi Asia Value Fund through its wholly-owned unit PeakBayoi has acquired a majority stake in Singapore-based oil industry supplier Gaylin Holdings for S$68 million ($50 million).
Gaylin has issued 1.36 billion new ordinary shares equivalent to a 75.64 per cent stake in it to PeakBayoi at S$0.05 each aggregating to $68 million, the company said in a statement.
It will utilize the proceeds for general working purpose and to strengthen its capital base.
Founded in 1974, Gaylin is one of the largest Singapore-based multi-disciplinary specialist providers of rigging and lifting solutions to the global oil and gas (O&G) industry. The Singapore-headquartered company has offices, warehouses and manufacturing facilities in Malaysia, Vietnam, China and Korea.
In April, Gaylin Asia Pte Ltd announced that it will acquire Rig Marine Holdings FZC.
Asia-focused PE fund manager ShawKwei & Partners, whose interests are in the manufacturing and service sectors in April had said that it is targeting to raise $800 million for its fourth fund. It helps companies expand operations, acquire other companies, and raise capital from banks as well as initial public offerings.
ShawKwei was started in 1999, and actively invests in the sectors like oil & gas, solar power, automotive, medical, maritime services and engineering. The investment firm has offices in Singapore and Hong Kong.
Some of its recorded investments include in the companies like Chosen Holdings Ltd, a manufacturer of plastic related products; Amos Marine, a shipping supplies and engineering services provider and Schmid, a German automation and production equipment manufacturer.
Early this year, it sold its portfolio company YongLe Tape, a producer of specialty tapes and related products, to Avery Dennison for $190 million.