Advisor to Southeast Asian MedTech Contract Manufacturing Company

Mergerstone served as an exclusive advisor to Amax Precision Ltd (“Company”), on its acquisition by Specac Ltd, an Ampersand Capital Partners portfolio company and leader in the design and manufacture of spectroscopy accessories and sample prep solutions.

Established in 1995, the Company is a leader in contract machining, specializing in high-mix, low-volume precision components and assembly services. With headquarters in Singapore and production facilities strategically located in Malaysia and India, it delivers exceptional manufacturing solutions on a global scale.

For the past 30+ years, the company has built up longstanding customer relationships through exceptional quality and innovation. Its core competency is in engineering critical machined parts with ultra-low micron tolerances that feed into higher-level modules or systems. It is specialised in high-mix and low-volume precision components and assembly services. Its products fall into three key segments: medical/life sciences (Diagnostics, Surgical & DNA sequencing Applications), instrumentation (Analytical & Test Applications), semiconductors (Front End Applications). These segments reflect the Company’s commitment to advancing technology and innovation to meet the growing demands of these specialized sectors.

The buyer, Specac Ltd, is a global spectroscopy accessory and sample preparation business serving OEMs, laboratory equipment resellers, and a diverse range of end users. Its core expertise is in infrared accessories, optics and process cells, alongside hydraulic presses for sample preparation. Following the Amax acquisition, it has >400 employees on 3 continents, with products being manufactured at its purpose-built 33,000 sq ft headquarters in Orpington, UK, its new, custom-designed facility in Mt. Kisco, New York, USA, and at the Amax sites in Melaka, Malaysia, and Coimbatore, India. Ampersand Capital Partners acquired Specac in March 2024 and soon after acquired the assets of Harrick Scientific to build a globally active spectroscopy accessory segment leader.

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth-oriented investments in the healthcare sector. With hubs in Boston, Amsterdam, and London, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors.

The newly combined companies will expand the group’s technological and manufacturing capabilities, driving deeper relationships with OEM partners across the globe, while materially raising the group’s life sciences presence.  Amax provides high-precision engineering, manufacturing, and higher-level assembly and test capabilities, which when combined with Specac’s designed-in and module-based assembly capabilities, enables greater vertical integration.  The resulting service suite global instrumentation partner has truly international reach on three continents, and a substantial footprint co-located with their clients’ production and engineering sites.

Our team was the sole financial advisor to the Company’s shareholders, providing end-to-end transaction support from initial positioning through execution and negotiation. We played a key role in shaping the deal strategy, coordinating stakeholder alignment, and navigating negotiations to achieve a successful outcome. Our approach placed a priority on disciplined process management, candid dialogue, and constructive engagement among parties, enabling efficient decision-making and strong momentum throughout the transaction. By anticipating key execution risks and addressing potential points of friction early, we helped streamline the process and protect value for all stakeholders. This transaction reflects our deep sector knowledge within MedTech/Industrials sector and demonstrates our team’s ability to successfully execute complex cross-border transactions.