Temasek-backed 65 Equity Partners has invested $100 million into Singapore-headquartered regional advanced manufacturing service provider Hi-P International to accelerate its next stage of growth.
The investment was made via its Local Enterprise Fund, which is a joint $1 billion fund with the Singapore government, led by the Ministry of Trade and Industry to develop Singapore champions.
Founded in 1980, Hi-P provides its services to a multinational customer base in industries such as consumer goods and electronics; e-commerce and electric automotive. These companies include Amazon, Apple, 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 $1.6 billion in revenue that year, to a projected revenue of over $2 billion in 2024. It has also expanded its manufacturing footprint into the Philippines, Malaysia, Vietnam and India.
Hi-P will work with 65 Equity Partners to develop plans for a new strategic focus and leadership succession for growth acceleration and sustainability. 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.
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65 Equity Partners CEO Tan Chong Lee says the firm is drawn to the Hi-P’s established market position and robust track record with a diverse blue-chip customer portfolio — many of whom are among the top global players in their respective industries.
“This partnership also aligns with our mandate of investing in founder-led businesses with high growth potential,” he adds.
