Lombard Investments, a North America and Asia-focussed private equity fund manger, has taken an undisclosed stake for $15 million (€9.6 million) in San Shing Fastech, a Taiwanese manufacturer of auto parts listed on the island’s OTC exchange.
Established in 1965, San Shing is engaged in designing and producing tooling dies, nuts, screws, washers, wires, machinery and automotive fastener systems. Its clients include car manufacturers such as BMW, Ford, General Motors and Mercedes-Benz. The company’s turnover for the year 2007 stood at $170.6 million.
The additional capital will be used to expand the company’s product lines and to enter new markets, Lombard said in a statement.
Thomas Smith, managing director of Lombard, said that the company “is very well positioned for growth in the global automotive parts industry”. Following the investment, Lombard has joined the company’s board of directors.
The investment in San Shing is Lombard’s third in two months and fifth overall from Lombard Asia III, a $234 million vehicle focussed on making growth and expansion investments in Southeast Asia and Greater China.
Earlier this month, the firm invested $11.7 million to acquire a minority stake in Asiasoft, a Thai online entertainment service provider. Other deals include investments in Professional Services, a Philippines-based hospital operator; Krungthep Land, a Thai home-builder; and SNC, a Thai manufacturer of air conditioner parts.
Lombard Investments has offices in Bangkok, Hong Kong and San Francisco. It has made more than 80 investments in Asia and North America since its formation in 1985.