Temasek-backed global investment firm 65 Equity Partners has invested S$100 million (about $74 million) in Hi-P International, a Singapore-headquartered manufacturing firm, according to an announcement.
Hi-P, which provides advanced manufacturing and production, assembly, testing, and packaging services to multinational companies, said it will use the fresh funding to accelerate its next stage of growth.
“This will be crucial for us to achieve our aim of greater growth globally,” said Hi-P executive chairman and founder Yao Hsiao Tung.
65 Equity Partners made the investment through its Local Enterprise Fund, a S$1-billion fund with the Singapore Government that aims to develop Singapore companies. The investment will give 65 Equity Partners a seat on Hi-P’s board.
Hi-P, founded in 1980, was delisted from the Singapore Exchange in 2021. It has a manufacturing footprint in the Philippines, Malaysia, Vietnam, and India.
The company expects revenue of over S$2 billion in 2024, from S$1.6 billion in 2021.
Hi-P’s clients include consumer goods and electronics, e-commerce, and electric automotive companies, such as Amazon, Apple, Colgate-Palmolive, Dyson, Keurig Dr Pepper, Logitech, Meta, Motorola Solutions, Procter & Gamble, Seagate, and Tesla.
“We are drawn to Hi-P’s established market position and robust track record as one of the leading advanced manufacturers in Asia, with a diverse blue-chip customer portfolio, many of whom are among the top global players in their respective industries,” said Tan Chong Lee, CEO of 65 Equity Partners.
65 Equity Partners provides capital solutions to business owners and management teams. It invests in family-owned and entrepreneur-led middle market businesses in Southeast Asia, Europe, and the US, across the consumer, industrials, business services, healthcare, and technology sectors.
It has $3.3 billion in funds under management and offices in Singapore, London, and San Francisco.