<article>Singapore-based private equity (PE) firm <a href="https://www.dealstreetasia.com/stories/Saratoga-Capital/">Saratoga Capital</a> is exploring options to exit local portfolio company <a href="https://www.dealstreetasia.com/stories/FRP-Products/">FRP Products</a>, a corrosion protection specialist, an industry executive told DealStreetAsia.</article>

Singapore-based private equity (PE) firm <a href="https://www.dealstreetasia.com/stories/Saratoga-Capital/">Saratoga Capital</a> is exploring options to exit local portfolio company <a href="https://www.dealstreetasia.com/stories/FRP-Products/">FRP Products</a>, a corrosion protection specialist, an industry executive told DealStreetAsia.
Saratoga Capital holds a majority stake amounting to 86 per cent in FRP Products, which it acquired in 2011. Of that, around 80 per cent is owned by Saratoga Asia Fund II, while the remaining is held by Saratoga Asia Fund III. The management team of FRP Products is the other stakeholder in the company.
The PE firm has been trying to exit FRP Products for quite some time now.
&#8220;Talks have been initiated and discussions are going on. However, it needs to be seen if the firm is in a rush to sell the stake given that FRP Products seems to be performing well and grew its revenues 10 per cent last year,” the executive said, on the condition of anonymity. FRP Products is said to have clocked revenues of around S$30 million last year.
When contacted, a Saratoga Asia spokesperson declined to comment on the development.
FRP Product provides protective coatings and lining applications, catering to the oil, petrochemical and pharmaceutical industries. The company was established in 1970.
Saratoga Capital, on the other hand, was started by Indonesian founders Edwin Soeryadjaya and Sandiaga Uno. They also set up PE firm <a href="https://www.dealstreetasia.com/stories/provident-saratoga-merdeka-110526/">Saratoga Investama Sedaya</a> (SIS) in 1998, which was listed on Indonesia Stock Exchange (IDX) in 2013. Currently, both the entities operate under the umbrella of Saratoga Group.
Saratoga Capital and SIS are understood to have invested in three Indonesia-based companies, namely MGM Bosco (cold chain company), Deltomed (herbal-based pharmaceuticals company) and Awal Bros (hospital operator group).
Saratoga Capital had raised $152 million for its first fund, which was fully invested in 2011. Subsequently in 2012, Saratoga Capital raised a total of $600 million for Saratoga Asia III fund. The firm has not disclosed any new funds since then.
SIS has a total of 15 portfolio companies in sectors such as consumer, infrastructure and natural resources.
Saratoga Group is among the oldest PE firms in Indonesia, which was named after the resort city of Saratoga Springs in New York.

Singapore-based private equity (PE) firm Saratoga Capital is exploring options to exit local portfolio company FRP Products, a corrosion protection specialist.

SG-based PE Firm Saratoga Capital in talks to exit FRP Products

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SG-based PE Firm Saratoga Capital in talks to exit FRP Products

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