UPDATE: CVC Asia, Standard Chartered Private Equity Buy Avdel, GEC

Date : 08/05/2010 @ 12:50AM
Source : Dow Jones News

UPDATE: CVC Asia, Standard Chartered Private Equity Buy Avdel, GEC

CVC Asia Pacific Ltd. and Standard Chartered Private Equity Ltd. said Thursday they completed the acquisition of Acument Global Technologies' Avdel and Global Electronics & Commercial business units.

They didn't disclose the price. The acquisition was done through an indirectly owned company that will be renamed infastech Ltd. Avdel and GEC will be grouped under the new brand infastech.

Headquartered in Singapore, infastech produces engineered mechanical fasteners, such as rivets, screws, bolts and nuts, that are used in the construction, automotive, electronics, industrial and commercial industries. It has more than 1,800 employees and operates facilities in 16 countries including Australia, China, Hong Kong, India, Japan, South Korea, Malaysia, Singapore, Taiwan and Thailand.

The deal was part of a divestiture by Acument, headquartered in Troy, Michigan, in the U.S.

Platinum Equity LLC, a global mergers and acquisitions, business development and operations firm, acquired Acument from Textron Inc. in 2006. Starting in 2008, steep declines in global automotive production cut into Acument's revenue. Platinum and Acument worked to restructure and cut costs over the next two years.

"Thanks to a lot of determination and a willingness to make some difficult but necessary decisions, we worked through the worst of the crisis and came out the other side stronger, more nimble and positioned to succeed," Bryan Kelln, principal and head of portfolio operations at Platinum, said in a statement.

Bank of America Merrill Lynch and Clifford Chance acted as financial and legal advisers to CVC and Standard Chartered, respectively.

Acquisition financing was provided by a syndicate of banks: JPMorgan Securities (Asia Pacific) Ltd., Bank of America N.A., Credit Agricole Corporate & Investment Bank, DBS Bank Ltd., GE Commercial Finance (Hong Kong) Ltd., Standard Chartered Bank (Hong Kong) Ltd., and United Overseas Bank Ltd.

-By Ellen Sheng; Dow Jones Newswires; 852-2832-2336; ellen.sheng@dowjones.com

 
 
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