Investment Marks Platinum Equity’s First Asian Headquartered Acquisition as Firm’s Operations in the Region Continue to Grow
LOS ANGELES (April 27, 2015) – Platinum Equity today announced it has acquired Chinese manufacturer Ying Shing Enterprises Limited (“Ying Shing”) from the company’s founder and President Jian Ying Chen. Mr. Chen will retain a minority stake and stay on to continue leading the business.
Ying Shing is a fully vertically integrated manufacturing solutions provider for customized precision-engineered plastic injection molded and metal stamping components. Financial terms of the transaction were not disclosed. Platinum Equity is a global private equity firm currently investing from a $3.75 billion buyout fund focused on acquiring businesses that can benefit from the firm’s operational expertise.
Platinum Equity has long had a presence in Asia through the operations of its portfolio companies, with total employment today now exceeding 20,000 people across multiple portfolio companies in a range of different industries. The acquisition of Ying Shing marks the firm’s first acquisition of a business headquartered in Asia.
“This is an important milestone for our firm and a natural step in the growth of our business,” said Platinum Equity Chairman and CEO Tom Gores. “Today we are managing a truly global enterprise, with portfolio company operations on six continents, an expanded capital base, and the ability to source deals and transact anywhere in the world.”
Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who leads the team that pursued the acquisition of Ying Shing, said he is excited about the prospects for the business and to continue working with Mr. Chen.
“Ying Shing is a well-established manufacturer that has enjoyed great success under the leadership of Mr. Chen,” said Mr. Kotzubei. “We look forward to working with Mr. Chen and his management team to help expand the company’s capabilities and customer base globally.”
Founded in 1997 and headquartered in Hong Kong, Ying Shing operates three manufacturing facilities in China, with two in Zhuhai and one in Suzhou. Ying Shing’s customers serve a broad range of end markets, including mobile, gaming and digital media, telecom and networking, automotive and industrial, medical and other industries.
“Platinum Equity’s investment is exciting news for our company. We now have greater financial support and additional strategic and operational resources to help us grow,” said Mr. Chen. “Platinum Equity has a lot of experience as business operators in Asia and globally and their expertise can help us maximize the potential of our company.”
Mr. Kotzubei said Platinum Equity’s M&A and operations teams will begin immediately working with Mr. Chen and Ying Shing’s executive management team to support the company’s growth.
“Ying Shing is a great platform investment and we will pursue opportunities to expand the business both organically and through strategic add-on acquisitions,” said Mr. Kotzubei.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. In 2014, Platinum Equity portfolio companies generated more than $17 billion in revenue. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 150 acquisitions. For more information, visit Platinum Equity’s website: www.platinumequity.com.