SINGAPORE, 22 September 2021 – Duane Morris & Selvam LLP (DMS) acted as international counsel to Platinum Equity on the sale of PCI Limited (“PCI”) at US$306m to Celestica Inc. The sale is expected to close in the fourth quarter of 2021.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. The company acquired PCI in April 2019 in a public-to-private transaction.
“I’m delighted to have worked on this transaction with my team who has deep experience in cross-border transactions of this scale. We’re especially pleased to be involved in this transaction as PCI Ltd, a Singapore-based company, under Platinum Equity’s ownership, had previously won the contract to manufacture wearable contact tracing devices as part of the Singapore government’s efforts to control the spread of Covid-19”, said Leon Yee, Chairman of Duane Morris & Selvam LLP.
PCI is a Singapore-based design, engineering and manufacturing solutions provider with six manufacturing and design facilities across Asia, with diverse end-markets that include the automotive, industrial equipment, commercial/lifestyle, and medical segments.
The PCI sale will mark Platinum Equity’s second divestiture in Singapore in the past year, having sold Singapore-based Compart Systems to Shanghai Wayne Enterprises in December 2020.
Duane Morris & Selvam’s team advising on the transaction comprises Leon Yee, Chairman of Duane Morris & Selvam LLP and Directors Ramiro Rodriguez and Suilyn Yip.
About Duane Morris & Selvam
Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City as well as offices in Shanghai and Yangon. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan, as well as an alliance in Sri Lanka. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.