M&A Deal Summary

Anchorage Capital Partners Acquires First Engineering

On June 8, 2012, private equity firm Anchorage Capital Partners acquired plastics company First Engineering from Affinity Equity Partners

Acquisition Highlights
  • This is Anchorage Capital Partners’ 1st transaction in the Plastics sector.
  • This is Anchorage Capital Partners’ 1st transaction in Singapore.
Investment Fate
  • First Engineering was sold to a publicly-traded strategic buyer in 2014.

M&A Deal Summary

Date 2012-06-08
Target First Engineering
Sector Plastics
Buyer(s) Anchorage Capital Partners
Sellers(s) Affinity Equity Partners
Deal Type Secondary Buyout
Advisor(s) Hogan Lovells (Legal)

Target

First Engineering

Singapore, Singapore
First Engineering manufacturer of ultra high-precision moulds and plastic componets for high technology engineering applications.

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Buyer(S) 1

Buyer

Anchorage Capital Partners

Sydney, Australia

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2008
PE ASSETS 810M AUD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Anchorage Capital Partners is a specialized private equity firm that focuses on control investments in established businesses with a strong market position or brand which are not performing at their full potential, often as a result of capital constraints, lack of management attention or being a non-core ‘orphan’ in a large corporate. Target companies generally have at least A$100 million of revenue and are valued up to A$250 million. Anchorage will consider companies in a variety of sectors, however, the Firm avoids investing in technology, direct real estate or mineral exploration. The Firm will consider opportunities throughout Australia, New Zealand, and Southeast Asia. Anchorage Capital Partners was established in 2008 and is based in Sydney.


DEAL STATS #
Overall 8 of 25
Sector: Plastics M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
Country: Singapore M&A 1 of 1
Year: 2012 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-08 Contech Engineered Solutions

West Chester, Ohio, United States

Contech Engineered Solutions is a provider of engineering and site solutions for the residential, commercial and infrastructure markets. The company's primary end markets are the US infrastructure, commercial and residential construction markets. Contech Engineered Solutions was formed in 1986 and is based in West Chester, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-27 Dick Smith Electronics Pty

Chullora, Australia

Dick Smith is an Australian consumer electronics retailer that was founded in 1968 by entrepreneur Dick Smith and became part of the Woolworths group in 1980. Today Dick Smith employs more than 4,500 people across 325 stores in Australia and New Zealand and in fiscal year 2012 reported sales of $1.6 billion.

Buy -

Seller(S) 1

SELLER

Affinity Equity Partners

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Affinity Equity Partners is an independent private equity firm focused on traditional buyout and control oriented investments across Asia-Pacific valued up to US$1 billion. Sectors of interest include businesses in consumer-related goods and services, value-added manufacturing, healthcare, financial services and business services. Affinity prefers companies with an established track record as well as proven, consistent earning power and cash flow generating ability. Affinity will not consider investments in real estate, biotechnology, tobacco, oil and gas exploration, and weaponry development and sales. Affinity Equity Partners was spun out of UBS Capital Asia Pacific in 2004 and is headquartered in Hong Kong.


DEAL STATS #
Overall 11 of 24
Sector: Plastics M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
Country: Singapore M&A 2 of 3
Year: 2012 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-30 Beijing Leader & Harvest Electric Technologies Co.

Beijing, China

Beijing Leader & Harvest Electric Technologies Co. Ltd. ("Leader Harvest") designs, manufactures and distributes medium-voltage variable frequency drives ("MV VFDs") for motors used in the power generation, metallurgical, and cement sectors. Leader Harvest is the largest supplier of MV VFDs in China in terms of revenue. Leader Harvest also supplies inverters to wind turbine manufacturers in China.

Sell $650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-06 Himart Co.

Seoul, South Korea

Himart Co. Ltd. is a Korea-based company specialized in retail of household appliances. The Company distributes audio and video systems, household electronic products, computer hardware and software, portable digital electronic products and other household appliances.

Sell -