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CVC Wins Auction for Acument Global’s Asian Biz

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 is backed by fully underwritten debt from Bank of America Merrill Lynch (BAC.N) and JP Morgan (JPM.N).

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)