AP Technologies

Premier emerging medical device contract manufacturer specializing in precision medical tubing and catheter assemblies

Deal Facts
  • AGIC completed a growth equity investment into AP technologies (“AP Tech”) in August 2023

Business Overview

  • Founded in 2013 in Singapore, AP Tech is a premier medical tubing and catheter contract manufacturer specializing in the design, development, and production of complex medical extrusions and interventional catheters
  • AP Tech provides its blue-chip customers with precision medical extrusion (medical catheter tubing) and secondary operation services (e.g., braiding, coiling, tipping, assembly, etc.), one-stop catheter solutions from product design, research, and development sampling, to mass production
  • Its 200+ full-time employees work across two production locations, operating more than 10 extrusion lines

Investment Thesis

  • High-growth medical catheter tubing market (notably PTFE liners) with underlying solid growth drivers given the consumable nature of products
  • Highly diversified, very sticky customer base given lengthy and complex validation and approval process, and bespoke product and service offerings
  • Uniquely situated in APAC with global reach and potential and a competitive moat strengthened by industry-leading manufacturing capacities and top cost-to-performance ratio
  • Driven, capable, and determined management team to continue elevating the company’s capabilities, product offerings, and manufacturing prowess

AGIC Value Added

  • Work with the founders and management team to accelerate AP Tech’s growth and promote its medical tubing products and related services with customers in Asia, Europe, and North America
  • Support AP Tech’s growth initiatives by providing both financial and operational resources to strengthen the existing engineering and commercial capabilities and expanding its production footprint in Asia
  • Provide resources for potential M&A opportunities by leveraging AGIC’s industry expertise and network to identify strategic partnerships and collaborations that can help drive growth and create value for the company