Southeast Asia-focused private equity firm Dymon Asia is buying German lifting equipment maker Salzgitter Maschinenbau Group’ (SMAG) Singapore unit RAM SMAG Lifting Technologies Pte Ltd, the companies said on Friday.
In a joint statement, the parties, however, did not disclose the financial details of the transaction.
The acquisition marks Singapore-based Dymon Asia’s first cross-regional transaction since its establishment in 2012 and comes at a time when global container volumes soar amid supply chain disruption and port congestion.
RAM SMAG Lifting, or more commonly known as RAM Spreaders, makes spreaders for the shipping container handling equipment market. Founded in 1972, it has operations in 11 countries and a manufacturing facility in China, the statement said.
The deal is expected to be completed by end of next month, it added.
Dymon Asia comprises of Dymon Asia Private Equity Fund of over S$300 million ($215.78 million)in capital commitments, and Dymon Asia Private Equity Fund II with $450 million, according to the statement.
Source: Reuters.com