Tech-focused private equity firm Novo Tellus has taken a controlling stake in electronics manufacturer SP Manufacturing. The amount invested, and the stake that changed hands, was not disclosed.
Singapore-based SP Manufacturing was founded in 2012 and is described to be a “growing leader in producing mission-critical electronics for industrial and medical customers.”
Instead of competing on mass volume, SP Manufacturing, says Novo Tellus, is focused on high-mix, high-performance industrial products.
According to Novo Tellus, the founding family will keep a “meaningful and active stake.
"We've been impressed with SP's specialised approach to building long-lived partnerships with global customers," say Keith Toh, partner at Novo Tellus, and senior vice president Peishan Wong in a prepared statement. "As a result, SP has grown 2 to 3 times faster than the global electronics manufacturing services for over a decade now.
“We believe SP's ability to serve customers closely onshore in Europe and the United States, but also provide engineering and manufacturing services offshore in Southeast Asia and China, reflect the best strengths of where the modern global production network is evolving in the coming decade,” they add.
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Philip Ong, CEO of SP, says he is pleased to partner with Novo Tellus.
"We found in Novo Tellus a kindred appreciation of our strong customer orientation, and also a deeply informed mindset around how SP is positioned to benefit from long-term tailwinds of digitalisation and automation in our key industries.
“We've been impressed with Novo Tellus' track record of growing industrial companies globally, and look forward to accelerating growth in our customers and capabilities together in the coming years,” adds Ong.
Novo Tellus is best known for investing and turning around AEM Holdings. It invests in other tech companies such as ISDN Holdings, Grand Venture Technology and Sunningdale Technology.
