Platinum Equity has signed an agreement to acquire Foam Plastic Solutions and Flow Control Devices (FCD) businesses from Broadway Industrial Group.
FPS provides protective packaging, insulation and component products to the medical, consumer electronics, automotive and other end-markets.
In April 2015, Platinum Equity also acquired Chinese manufacturer Ying Shing Enterprises, which produces precision-engineered plastic injection molded and metal stamping components.
Platinum Equity partner Jacob Kotzubei said: "We have 20 years of experience providing divestiture solutions to corporate sellers and establishing thriving standalone businesses.
“We also have substantial financial and operational resources in Asia and a strong and growing track record of creating value in the region."
Broadway Industrial Group chairman Lew Syn Pau said: "This transaction with Platinum Equity marks an important milestone in the history of Broadway Industrial Group Ltd.
“Not only does it unlock shareholder value, it also connects the divested businesses to a reputable and financially strong private equity firm with operational expertise and extensive experience in Asia.”
FCD distributes high-performance parts such as valves, fittings, sensors and related components used in diverse end-applications.
Broadway Industrial Group provides precision-machined components and engineered foam solutions for its customers.
With around 10,000 employees, Broadway Group operates 14 manufacturing and research facilities across China, Thailand and the US.
