Dymon Asia Private Equity and the Fong Family divest a majority equity stake in Fong’s Engineering to LYFE Capital
SINGAPORE – July 19, 2023. Dymon Asia Private Equity (“DAPE”) together with the Fong Family announced today that they divested a majority equity stake in FSP Holdings Pte. Ltd. (the “Company”) and its subsidiaries (together “Fong’s Engineering”, or “Fong’s”) to LYFE Capital (“LYFE”).
Established in Singapore in 1982, Fong’s Engineering is an integrated design-to-manufacturing (CDMO) company focusing on medical and surgical devices. Fong’s Engineering markets a wide range of customised healthcare solutions to a rapidly expanding blue-chip customers base, mostly comprising global and market leading medical device companies.
DAPE acquired a majority equity stake in Fong’s Engineering in 2017, and together with the senior management team led by Jeremy Fong, Chairman, and Clement Fong, CEO, completed the strategic transition to serve customers in the MedTech sector exclusively. Under DAPE’s ownership, Fong’s Engineering significantly expanded its design and R&D capabilities to encompass the full product lifecycle development – from concept to commercialisation, and also patented its own intellectual property. The Company also successfully embarked on a smart factory transformation to incorporate state-of-the-art automation technologies, and is widely recognised as a pioneer in the Industry 4.0 Smart Factory for SMEs in Singapore
Gerald Chiu, Managing Partner of DAPE, said: “We are very happy to have backed Jeremy and Clement over the last six years. We aimed for, and achieved, a substantial transformation. The Fong’s team has been capable in execution and a pleasure to work with. The Company has a bright future ahead, and we wish Clement and LYFE Capital all the best for the next lap of growth.”
Jeremy Fong, Chairman of Fong’s Engineering, said: “DAPE helped me accelerate Fong’s in the direction I wanted, and also helped me with succession planning. I couldn’t have asked for a better partner.”
Clement Fong, CEO of Fong’s Engineering, said: “Fong’s is now indisputably one of Singapore’s leading medical CDMO firms. We value DAPE’s contributions during our journey together, and appreciate the effort they’ve made to find us a good new partner for the exciting projects that we’ll be embarking on.”
#DYMON #DAPE #FONGS
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