Los Angeles-based investment firm Platinum Equity LLC said Dec. 30 it closed on the acquisition of two plastics-related companies from Singapore's Broadway Industrial Group Ltd.
Platinum, which has more than $6 billion in assets under management globally, said the acquisition is its second of a plastics business in Asia in less than two years -- in 2015, it bought Hong Kong-based Ying Shing Enterprises Ltd., a custom injection molder and metal stamping firm.
Soo Jin Goh, co-head of Platinum's Singapore office, said in a statement that growing the newly acquired units of Broadway is a top priority.
"We are working closely with the management team to ensure a seamless transition and to begin executing on the company's long-term strategic growth plan," said Goh. "This acquisition creates a strong platform for expansion, both organically and through potential add-on acquisitions."
Platinum paid $150 million Singapore dollars ($103.6 million) for Broadway's Foam Plastic Solutions and Flow Control Devices businesses, which have operations in China, Hong Kong, South Korea and Thailand.
The deal had been announced in August. Platinum has about 30 operating companies under management in a wide range of industries, including manufacturing, media, telecom and transportation.