Wednesday , October 23 2019

Temasek unit buys stake in chair maker for ‘gamers’


A unit of state investment company Temasek Holdings Pte has invested in Secretlab, a Singapore-based maker of chairs for players of electronic games, to help drive growth.
Heliconia Capital Management Pte’s purchase of a minority stake values the five-year-old company at between $144 million and $216 million, according to a person with knowledge of the matter.
“Secretlab is now a recognised global brand” and has significant growth potential, Derek Lau, CEO of Heliconia, said in a statement that didn’t list the value of the deal or other financial details.
The Temasek unit has also backed companies including gaming device maker Razer and Asian mixed martial arts firm One Championship.
Heliconia’s investment will assist the firm with research and development, procurement, attracting talent and global partnerships, Secretlab said.
The company is on track to cross S$100 million in annual sales this year, according to the person.

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