Singapore-based Novo Tellus has invested an undisclosed sum in US-based Amsino Medical Group, a provider of medical consumable devices. The company will use the proceeds to expand its global footprint and operations.
Financial terms of the deal were undisclosed but a company statement said the investment was “substantial.”
The PE firm had previously partnered with Amsino to help the firm’s growth between 2011 and 2017. Novo Tellus and Amsino’s management team plan to scale up Amsino’s global production and R&D capabilities.
“We’re excited to renew a long-term partnership with Novo Tellus,” said Dr. Richard Y. Lee, Chairman and CEO of Amsino Medical Group, noting that “Novo Tellus has proven itself as a growth partner for Amsino before, and shares our fundamental commitment to delivering dependable innovation and value to our customers around the world.”
“Today, as the global supply chain shifts in response to economic and geopolitical changes, we’ve listened to the market, and we see great strategic opportunity with growing Amsino’s existing US production to serve more customers more deeply here in the domestic market,” said Novo Tellus Managing Partner Loke Wai San.
Early this year, Novo Tellus alongside 65 equity partners completed the acquisition of 100% of the business from Tongda Group (TDG) – TDConnex, thus marking their (TDConnex) emergence as a newly independent global company, with independent operations.
TDConnex provides cutting-edge engineering and manufacturing services to global technology leaders in the US and Europe and was previously incubated as a division of TDG, a Hong Kong-based diversified conglomerate listed on the Stock Exchange of Hong Kong.
Novo Tellus closed its third fund at $510 million in December 2023, surpassing its initial target by 36%. The PE firm reached the $375 million first close for the vehicle in June 2023. It reached the hard cap of its fund and closed the fundraising process within one year.
Novo Tellus closed its Fund 2 at $250 million in 2021.
Novo Tellus primarily focuses on mid-market opportunities, but will expand its cheque sizes from $25 million to $50-100 million for Fund 3 to conduct more control deals, it said in an announcement back then. It typically covers a range of approaches from partnership building, scale-up ops, growth pivots, and build-and-buy techniques.
