US-based investment firm Platinum Equity has entered a definitive agreement to acquire Foam Plastic Solutions (FPS) and Flow Control Devices (FCD) from Singapore’s Broadway Industrial Group.

FPS is a supplier of protective packaging, insulation and component products to the consumer electronics, automotive, medical and other end-markets.

FCD provides high-performance parts, including valves, fittings, sensors, and related components used in various end-applications.

"This acquisition creates a strong platform for growth and we are eager to work with the management team to pursue opportunities to expand the business."

The value of the deal, which marks Platinum Equity’s second acquisition of a business headquartered in Asia, has not been disclosed.

In April 2015, Platinum Equity purchased Chinese manufacturer Ying Shing Enterprises, which provides manufacturing solutions for customised precision-engineered plastic injection-moulded and metal stamping components.

Platinum Equity partner Jacob Kotzubei said: “We have 20 years of experience providing divestiture solutions to corporate sellers and establishing thriving standalone businesses.

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“We also have substantial financial and operational resources in Asia and a strong and growing track record of creating value in the region.”

In Asia, the company currently operates several portfolio companies and employs more than 20,000 people.

Platinum Equity Singapore co-head Soo Jin Goh said: This acquisition creates a strong platform for growth and we are eager to work with the management team to pursue opportunities to expand the business both organically and through strategic add-on acquisitions.”

Recently, Platinum Equity sold its BWAY business to Stone Canyon Industries for $2.4bn.

BWAY manufactures rigid metal and plastic containers used to pack industrial, bulk food and retail goods.