The EQT Greater China II fund (“EQT Greater China” or “EQT”) announced that it has signed an agreement to sell its entire stake in PSM International (“PSM” or “the Company”), a multinational leading fastener manufacturer, to Bulten AB (“Bulten”), a full-service provider of fasteners solutions to the international automotive industry.
Established in 1931, PSM International is a leading provider of fastening solutions to a diverse customer base in the automotive, notebook, mobile phone and general manufacturing industries. The business has a strong presence in the Asia-Pacific, Europe and US markets. With manufacturing facilities in China, Taiwan and the UK, PSM's products include a complete range of inserts for plastics, as well as multiple fastening solutions for sheet metal. PSM works with customers throughout the product life cycle, from design conception through product launch and general production.
EQT invested into PSM in 2007 and during EQT’s holding period, the corporate governance and management have been strengthened with the addition of key management hires and experienced board members. PSM has leveraged EQT’s network and expertise in the industrial sector to support the Company in further developing its manufacturing capabilities, sales channels and supplier networks.
Martin Mok, Partner at EQT Partners and Investment Advisor to EQT Greater China, commented: “During EQT Greater China’s ownership, PSM has continued to strengthen its cold-forming capabilities, upgrade production facilities, improve efficiency and expand sales and supplier networks. We are grateful for the insightful contribution of the board members and the management team's relentless pursuit of excellence and business development. We are convinced that PSM will continue its growth path with Bulten as their new partner”
The transaction was signed on 20 December 2019.