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.
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.
“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.