Singapore’s PrimeMovers Equity is backing a consortium that is set to acquire Spindex Industries alongside its founding family in a deal that would delist the precision engineering company from the city-state’s main stock exchange.
The proposal, which the private equity firm is making alongside Spindex’s chairman Tan Choo Pie and his son, managing director Tan Heok Ting, includes an offering of $1.43 per share in cash to other shareholders. That would value the company at around S$165 million ($127 million). The consortium is majority owned by PME I Holding Pte. Ltd. which is managed and controlled by PrimeMovers.
The transaction is subject to court and regulatory approvals and is expected to close in Q1 2026.
Spindex specialises in the supply of customised, precision-machined components and assemblies to multinational customers globally. With approximately 1.2 million square feet of manufacturing facilities in Singapore, Malaysia, China, and Vietnam, Spindex and its subsidiaries support a wide spectrum of high-growth industries, including automotive, consumer products, office automation, imaging and printing, medical, and semiconductor sectors.
“For more than 40 years, Spindex has been a trusted manufacturing partner for global blue-chip customers,” said Soo Jin Goh, co-founder and CEO of PrimeMovers Equity. “With its strong foundation, diversified capabilities, global footprint and progressive leadership, Spindex is an excellent platform for growth both organically and through strategic acquisitions.”
The deal is PrimeMovers’s third transaction over the last 12 months following the purchase of Excel Marco Industrial Systems in May 2025 and Techcom Technologies through its portfolio company, Engtek, in December 2024.
The fund manager, which is a spin-off from Platinum Equity Asia, said it will continue to pursue both new platform investments and bolt-on acquisitions to scale its portfolio companies in Southeast Asia.
