Temasek-backed global investment firm 65 Equity Partners has made an investment of SGD 100 million ($74.06 million) in Singapore-headquartered regional advanced manufacturing service provider Hi-P International Pte. Ltd. (Hi-P).

Hi-P said in a statement on Tuesday that the firm has partnered with 65 Equity Partners to accelerate its pursuit of its next stage of growth.

The fresh capital injection was made through 65 Equity Partners’ Local Enterprise Fund, which is a joint SGD 1 billion ($741 million) fund with the Singapore Government, led by the Ministry of Trade & Industry, with the goal of developing Singapore champions.

According to the statement, Hi-P will work with 65 Equity Partners to develop plans for a new strategic focus and leadership succession for growth acceleration and sustainability.

In the meantime, Hi-P will also tap the investment firm’s extensive network to bolster its board of directors, enroute to its goal of a potential public listing in the future.

65 Equity Partners will have a seat on Hi-P’s board and play an active role in achieving these plans.

“Having grown our capabilities, capacity and customer base over the past few years, we are excited about our prospects, and look forward to working with 65 Equity Partners to hone our business strategy,

“This will be crucial for us to achieve our aim of greater growth globally. With its investment strategy, expertise and network, I have no doubt that 65 Equity Partners is the right partner on this journey,” said Yao Hsiao Tung, Hi-P Executive Chairman and Founder.

Founded in 1980, Hi-P provides advanced manufacturing and production, and assembly, testing and packaging services to a multinational customer base, including 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.

Since its privatization and delisting from the Singapore Exchange in 2021, Hi-P has achieved healthy growth, from SGD 1.6 billion ($1.19 billion) in revenue that year, to a projected revenue of over SGD 2 billion ($1.48 billion) in 2024.

It has also expanded its manufacturing footprint into the Philippines, Malaysia, Vietnam and India.

“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,

“The team now have their eyes set on the global stage and we are eager to partner them in their next phase of growth. This partnership also aligns with our mandate of investing in founder-led businesses with high growth potential,” said Tan Chong Lee, Chief Executive Officer of 65 Equity Partners.

It is noted that 65 Equity Partners has appointed Lim Chin Hu as its representative on Hi-P’s board.

Lim has over 30 years of experience in the technology industry.

He started his career at Hewlett Packard Singapore and was Managing Director at Sun Microsystems and Chief Executive Officer of Frontline Technologies Corp.

He is currently serving on the board of directors of the Singapore Exchange, ST Engineering, and Kulicke & Soffa.

“Lim is an industry veteran with extensive experience and market knowledge. I am confident that he will bring valuable international perspectives that will benefit both our board and the company,” said Yao.

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