Hi-P WELCOMES S$100M INVESTMENT FROM 65 EQUITY PARTNERS
• To jointly develop plans for a new strategic focus and leadership succession for growth acceleration and sustainability
SINGAPORE, July 9, 2024 – Singapore-headquartered regional advanced
manufacturing service provider Hi-P International Pte. Ltd. (Hi-P) has
partnered with 65 Equity Partners, a global investment firm backed by Temasek,
to accelerate Hi-P’s pursuit of its next stage of growth. 65 Equity Partners
has made a fresh capital injection of S$100 million into Hi-P through its Local
Enterprise Fund, which is a joint S$1 billion fund with the Singapore
Government, led by the Ministry of Trade & Industry, with the goal of
developing Singapore champions.
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.
Hi-P Executive Chairman and
founder Mr Yao Hsiao Tung said,
“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.”
Mr Tan Chong Lee, Chief
Executive Officer of 65 Equity Partners,
said, “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. Mr Yao and his 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.”
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, Colgate-Palmolive, Dyson, Keurig Dr Pepper, Logitech, Meta, Motorola Solutions, Procter & Gamble, Seagate and Tesla.
Since its privatisation and delisting from the Singapore Exchange
in 2021, Hi-P has achieved healthy growth, from S$1.6 billion in revenue that
year, to a projected revenue of over S$2 billion in 2024. It has also expanded
its manufacturing footprint into the Philippines, Malaysia, Vietnam and India.
New Board Appointment
65 Equity
Partners has appointed Mr Lim Chin Hu as its representative on Hi-P’s
board. Mr 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 CEO of Frontline Technologies Corp. He is currently
serving on the board of directors of the Singapore Exchange, ST Engineering,
and Kulicke & Soffa.
Commenting on the appointment, Mr Yao said, “Chin Hu 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.”
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About Hi-P International Pte. Ltd.
Hi-P International is a leader in the advanced manufacturing sector.
Headquartered in Singapore, Hi-P provides best-in-class one-stop advanced
manufacturing capabilities and services to a diverse and quality customer base,
comprising leading global players in the consumer goods and electronics, e-commerce,
electric automotive and medical devices industries.
Hi-P’s global manufacturing
footprint spans across China (Shanghai, Chengdu, Xiamen, Suzhou and Nantong),
Singapore, Philippines, Vietnam, Malaysia, India and Thailand. It has also
established marketing and engineering offices in China, Singapore, Taiwan,
Japan, Germany and the USA. Visit www.hi-p.com for more
information.
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SEC Newgate Singapore
Karin Lai