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Private equity firm backs MBO of Teknicast
9/6/2008 |
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KUALA LUMPUR: Actis, the private equity investor that was involved in the management buyout (MBO) of Unza Holdings Bhd in 2004, has backed the management buyout of Teknicast, one of the country¡¯s largest manufacturers of aluminium die-cast products.
Actis is helping U Cheng Eng, managing director of Teknicast, acquire the company from its Japanese owners via an MBO.
Teknicast produces aluminium die-cast products mainly for the international oil and gas sector, according to an Actis statement. The company said its precision engineering enhanced the value of Teknicast¡¯s products and gave it an edge over its competitors.
¡°Teknicast is a great example of a Malaysian company that has carved out a profitable niche at the top of the global market by focusing on quality,¡¯¡¯ Actis director Ching Lee said. ¡°Actis has been impressed by the management¡¯s vision of achieving even stronger growth by increasing manufacturing scale and focusing on new scales at a time when global energy markets are booming.¡¯¡¯
Teknicast, which has annual revenues of over RM140mil, employs 670 people at a plant outside Kuala Lumpur.
Actis has found fertile ground in Malaysia where it helped the US$100mil MBO of Unza and three years later, in 2007, sold the personal-care business to India¡¯s Wipro Ltd for US$246mil.
Last year, Actis completed the MBO of Mivan Far East, investing US$75mil in the company which designs aluminium formwork for the construction industry.
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