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Novo Tellus, a leading private equity fund focused on building industrial and technology companies, has completed an investment in SP Manufacturing.
Headquartered in Singapore, SP Manufacturing is an Electronics Manufacturing Services provider for total manufacturing solutions from design concepts to full production. Focused on high-mix, high-performance mission critical electronics, SP has 6 locations strategically located across the globe in Southeast Asia, Europe, and China, with more than 60 years of manufacturing experience under its belt.
SP has grown considerably over the years due to its laser focus on customer service and innovative manufacturing techniques as a Reliable Solutions Partner. SP believes that the customer is at the heart of all that they do, and prides itself as being an extended manufacturing arm for all the key customers whom they serve.
With the investment from Novo Tellus, SP seeks to embark on the next chapter of the company's journey through active expansion, to meet the customers' needs and drive results through supply chain efficiencies. SP also intends to leverage upon NT's expert network and portfolio of companies, which would serve to open doors to new business opportunities and technological capabilities.
"We're indeed very pleased to partner with Novo Tellus to build the future of SP", noted Philip Ong, CEO of SP. "Having spent significant time with Novo Tellus, I feel that they deeply understand the many pressure points of operating a manufacturing business. Specifically, like us, they see the importance of adopting a long-term view on business relations, as well as customer centricity. Also, we've been most impressed with Novo Tellus' track record of growing industrial companies globally, and we are very excited to accelerate growth for our customers and to chart SP's future together.'
"We've been impressed with SP's specialised approach to building long-lived partnerships with global customers," said Keith Toh and Peishan Wong at Novo Tellus. "As a result, SP has grown 2 to 3 times faster than the global electronics manufacturing for over a decade now. We believe SP's ability to serve customers closely onshore in Europe and the United States, but also provide engineering and manufacturing services offshore in Southeast Asia and China, reflect the best strengths of where the modern global production network is evolving in the coming decade."
With the investment, Novo Tellus would acquire a controlling stake in SP, with the Company's family owners retaining a meaningful and active stake in the business.