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23 October 20222 minute read

DLA Piper advises Storskogen on its first strategic investments in Singapore

DLA Piper has advised Swedish investment group Storskogen on two significant investments in Singapore. The firm advised on Storskogen’s acquisition of Xodbox, a digital media company, and CMTi, a leading interconnect solutions specialist.

Storskogen was founded in 2012, with a mission to acquire and operate well-managed and profitable small and medium-sized companies with leading positions in their respective markets. It is divided into three core business areas consisting of 132 businesses in 14 verticals, with over 12,000 employees as of 30 June 2022. Primarily based in Sweden, these two acquisitions represent Storskogen’s first investments into Singapore, and in Asia.

Xodbox is an established media advertising and graphic design service provider founded in 2004. It delivers high quality media campaigns for various organisations in Singapore, and has acquired a strong customer base and an excellent track record thanks to its profound understanding of the local market. The company has been integrated into Storskogen’s Digital Services business vertical, one of its fastest growing verticals.

Founded in 2005, CMTi is a market leader in wire harness, cable assemblies and electro-mechanical assembly in Southeast Asia. It has 384 employees and is headquartered in Singapore, with its factory strategically located in Indonesia. The Automation vertical is a focus area for Storskogen and CMTi is its sixth acquisition within this vertical in the last 12-months.

DLA Piper Corporate Partner Katherine Chew, who led both transactions, commented: "We were pleased to advise Storskogen on its first investment in Singapore, and delighted to assist again on its second Singapore acquisition. Both Xodbox and CMTi are great cultural and business fits for Storskogen, and I look forward to seeing these Singapore businesses flourish as part of the Storskogen group. These deals are indicative of the continued strength of DLA Piper’s Corporate M&A practice in Singapore, and an example of our ability to deliver exceptional results for our clients.”

The DLA Piper team for both transactions was led by Corporate Partner Katherine Chew. She was assisted by Associates Karen Lee and Jia De Yam on the Xodbox acquisition. In the CMTi transaction, Katherine was supported by Senior Associate Ying Chern Tan, and Associates Miftahul Ari Khairi and Jia De Yam, all members of the Corporate team, based in Singapore.