Southeast Asian private equity firm Northstar Group agreed to acquire Singapore-listed Innovalues Ltd, a manufacturer of precision machine parts, for S$331.4 million ($239 million) in its latest buyout.
“The acquisition of Innovalues represents an opportunity for the offeror to acquire control of a company in the precision manufacturing sector with a regional manufacturing footprint,” Innovalues and Northstar said in a joint statement on Wednesday.
An indirect fully-owned subsidiary of Northstar Equity Partners IV, an investment fund managed by Northstar Advisors Pte Ltd, will acquire all the shares of Innovalues at S$1.01 each, the companies said.
The buyer is paying a 30.5 percent premium to the 12-month volume weighted average price of Innovalues as of April 6, the last trading day before Innovalues announced the appointment of Singapore-based Rippledot Capital Advisers for a strategic review.
Innovalues stock last traded at S$0.975 before the company asked for trading in its shares to be halted on Wednesday.
Standard Chartered is financial adviser to Northstar on the deal.