- On April 6, 2015
Monday, April 6, 2015
Dymon Asia Private Equity (Dape) has invested $40 million to acquire a significant minority stake in mechanical and electrical engineering firm Wah Loon Engineering.
Wah Loon, which has been operating for 26 years, started out as a 10-person team.
The company has grown steadily and now has 300 staff, while turnover has surged from $2 million in 1990 to around $200 million in 2012.
It has also expanded its operations to become a one-stop integrated provider of a variety of mechanical and electrical engineering services.
Wah Loon is also a strong player in the data centre segment of the market, a sector that requires more sophisticated mechanical and electrical engineering services and technical expertise.
Mr Keith Tan, a founding partner of Dape, said that the firm will help Wah Loon look to more merger-and-acquisition opportunities and capitalize on Dape’s extensive business network.
“Several investors in Dape Fund are established players in the construction sector,” Mr Tan noted.
“We hope to form an ecosystem for all of them to tap one another’s expertise, share knowledge especially on overseas experiences and even form a consortium to tender for projects both locally and regionally.”
Mr Alan Chong, founder and managing director of Wah Loon, said: “The combination of Wah Loon’s engineering capabilities and Dymon Asia Private Equity strength in its business network and expertise in financial markets will enhance opportunities for both firms.”
Dape, which focuses on supporting promising small and medium-sized enterprises, has already invested in local interior furnishings company Goodrich Global, marine civil engineering and construction firm HSL Constructor, Nurture Education Group and vending machine firm Atlas.
It is an arm of Dymon Asia Capital, which manages about US$4.5 billion (S$6.1 billion) in assets.
Source: The Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.