SINGAPORE – July 19, 2023. Dymon Asia Private Equity (“DAPE”) together with the Fong Family announced today that they divested a majority equity stake in FSP Holdings Pte. Ltd. (the “Company”) and its subsidiaries (together “Fong’s Engineering”, or “Fong’s”) to LYFE Capital (“LYFE”).
Established in Singapore in 1982, Fong’s Engineering is an integrated design-to-manufacturing (CDMO) company focusing on medical and surgical devices. Fong’s Engineering markets a wide range of customised healthcare solutions to a rapidly expanding blue-chip customers base, mostly comprising global and market leading medical device companies.
DAPE acquired a majority equity stake in Fong’s Engineering in 2017, and together with the senior management team led by Jeremy Fong, Chairman, and Clement Fong, CEO, completed the strategic transition to serve customers in the MedTech sector exclusively. Under DAPE’s ownership, Fong’s Engineering significantly expanded its design and R&D capabilities to encompass the full product lifecycle development – from concept to commercialisation, and also patented its own intellectual property. The Company also successfully embarked on a smart factory transformation to incorporate state-of-the-art automation technologies, and is widely recognised as a pioneer in the Industry 4.0 Smart Factory for SMEs in Singapore
Gerald Chiu, Managing Partner of DAPE, said: “We are very happy to have backed Jeremy and Clement over the last six years. We aimed for, and achieved, a substantial transformation. The Fong’s team has been capable in execution and a pleasure to work with. The Company has a bright future ahead, and we wish Clement and LYFE all the best for the next lap of growth.”
Jeremy Fong, Chairman of Fong’s Engineering, said: “DAPE helped me accelerate Fong’s in the direction I wanted, and also helped me with succession planning. I couldn’t have asked for a better partner.”
Clement Fong, CEO of Fong’s Engineering, said: “Fong’s is now indisputably one of Singapore’s leading medical CDMO firms. We value DAPE’s contributions during our journey together, and appreciate the effort they’ve made to find us a good new partner for the exciting projects that we’ll be embarking on.”
About Fong’s Engineering
Fong’s Engineering is a Singapore-based precision engineering company that designs, manufactures, assembles and markets components and finished products exclusively for the medical industry. Its products are used across a wide range of applications, including endoscopy, cardiovascular, critical care and orthopaedics.
About Dymon Asia Private Equity
DAPE is an award-winning Southeast Asia focused private equity firm, investing in lower mid-market space. Founded in 2012, DAPE is headquartered in Singapore and has offices in Malaysia and Thailand. DAPE’s first fund has committed capital of S$300 million, whilst its second fund has committed capital of US$450million. With its third fund which closed at US$650 million in September 2022, DAPE is currently managing an aggregate assets of approximately US$1.3 billion.
About LYFE Capital
LYFE Capital is a global healthcare investment firm and platform committed to advancing healthcare through value creation. Founded in 2015, LYFE Capital operates in four global offices including U.S., Singapore, Korea, and China. LYFE Capital manages a total of over US$2 billion and has invested in more than 70 companies globally.
We are an award winning South East Asia Focused private equity firm, investing in lower mid-market space. Owned and managed by Southeast Asian professionals with multi-year track record of successful investments. We are the private equity arm of Dymon Asia Capital