The regional advanced manufacturing services provider Hi-P International Pte. Ltd. (Hi-P), with its headquarters in Singapore, has received an investment of SGD 100 million ($74.06 million) from Temasek-backed global investment firm 65 Equity Partners.
In order to expedite its pursuit of its next stage of growth, Hi-P announced in a statement that it has partnered with 65 Equity Partners.
The new funding was provided by 65 Equity Partners’ Local Enterprise Fund, a joint SGD 1 billion ($741 million) fund with the Singaporean government, headed by the Ministry of Trade & Industry, with the objective of creating champions for Singapore.
The announcement states that Hi-P will collaborate with 65 Equity Partners to create plans for a new strategic emphasis and leadership succession to accelerate and sustain growth.
To advance toward its objective of a potential public listing in the future, Hi-P will also utilize the investment firm’s wide network to strengthen its board of directors in the interim.
65 Equity Partners will actively participate in carrying out these plans and hold a seat on Hi-P’s board.
“Having grown our capabilities, capacity and customer base over the past few years, we are excited about our prospects, and look forward to working with 65 Equity Partners to hone our business strategy,
“This will be crucial for us to achieve our aim of greater growth globally. With its investment strategy, expertise and network, I have no doubt that 65 Equity Partners is the right partner on this journey,” said Yao Hsiao Tung, Hi-P Executive Chairman and Founder.
Established in 1980, Hi-P offers sophisticated manufacturing and production, assembly, testing, and packaging services to a global clientele comprising e-commerce, electric vehicle, and consumer electronics and goods companies like Amazon, Apple, Colgate-Palmolive, Dyson, Keurig Dr. Pepper, Logitech, Motorola Solutions, Procter & Gamble, Seagate, and Tesla.
With a projected revenue of over SGD 2 billion ($1.48 billion) in 2024, Hi-P has grown steadily since its privatization and delisting from the Singapore Exchange in 2021, when it made SGD 1.6 billion ($1.19 billion) in revenue.
Its manufacturing presence has also grown to include the Philippines, Malaysia, Vietnam, and India.
