HONG KONG (Reuters) – Private equity fund CVC Asia Pacific won the auction for Acument Global Technologies Asian assets, a deal estimated to be worth more than $300 million, sources with knowledge of the matter told Reuters.
CVC beat buyout funds Unitas and Kohlberg Kravis Roberts & Co for the assets, which Platinum Equity, a U.S-based buyout firm, put up for sale nearly a year ago.
Goldman Sachs (GS.N), which advised Platinum on the deal, declined to comment.
CVC was not available for immediate comment.
A successful bid for Acument makes it CVC’s second major buyout deal in the region. Earlier this year, CVC bought a controlling stake in Indonesian retail group company Matahari Department Store, a unit of Matahari Putra Prime (MPPA.JK), in deal worth $773 million.
Acument is a manufacturer of fastening systems used in a range of industries.
Private equity deal-making in Asia is showing signs of revival, with some funds looking to exit their profitable investments. (Writing by Denny Thomas; Editing by Chris Lewis and David Holmes)