EQT acquires PSM International
EQT Greater China II (“EQT”) is pleased to announce that it has acquired PSM International (“PSM”) from Melrose Plc.
PSM is a leading full service provider of fastening solutions to a diverse customer base. PSM supplies products to the automotive, mobile phone and general industries and holds a leadership position in the supply of fasteners to the notebook PC industry. The business has a strong presence in the Asia Pacific market with manufacturing facilities in China and Taiwan and sales and distribution presence in China, Taiwan and Singapore. PSM also possesses direct sales presence in the US and UK, supplemented by joint venture and third-party distributors across Europe, Japan and Australasia. In 2006, the company reported sales of over US$37 million and currently has approximately 600 employees.
Fredrik Åtting, Senior Partner at EQT Partners which is advisor to EQT, comments: “PSM fits in well with EQT’s strategy to invest in well-managed companies with growth and development potential. We are committed to supporting PSM’s strategy of investing in new products and production technology as well as driving geographical expansion and a strengthened market leadership to realize PSM’s full potential.”
Phil Jin, CEO of PSM comments: “PSM has great potential to continue its positive development. The management is very pleased that EQT, with its industrial approach, has chosen to acquire PSM and is planning to support the growth of the company further.”