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|| Dubai firm acquired Singapore's Design Studio for $80 million

depa-designstudio.jpgDubai-based firm Depa has announced acquiring a Singapore-based interiors specialist Design Studio for $80 million.

Design Studio Furniture Manufacturer is a Singapore-based product and fit-out interiors specialist company, active principally in Southeast Asian markets. It is a Singapore incorporated public company. Over the past three financial years, Design Studio has recorded a compounded annual growth rate (CAGR) of 22.1%, 35% and 70.3% for its revenue, gross profit and net profit after tax respectively.

Their full press release follows

Depa Limited, one of the world's leading interior contracting companies acquired Design Studio Furniture Manufacturer Ltd ('Design Studio') for a total consideration of $80 million (AED295 million). Depa recently increased its stake in Design Studio from 24.7% to 90.5%, having bought its first stake in 2006. The acquisition values Design Studio at $122 million.

Design Studio is a Singapore-based product and fit-out interiors specialist company, active principally in Southeast Asian markets. It is a Singapore incorporated public company on the Main Board of the SGX-ST (ticker D11.SI). Over the past three financial years, Design Studio has recorded a compounded annual growth rate (CAGR) of 22.1%, 35% and 70.3% for its revenue, gross profit and net profit after tax respectively.

Mr Mohannad Sweid, CEO of Depa, commented:"This acquisition is another key element in our long term diversification plan, giving us greater exposure to the Southeast Asian markets, where we see significant opportunities. The complementary fit between our interior contracting business and Design Studio's expanding business will allow us to further win and deliver new projects in the Far East. Design Studio has a strong order book at S$183m as of 30 June 2010, and pipeline of new projects and we are excited about the long-term outlook."

In 2008, Depa and Design Studio launched their joint-venture company DDS Contracts & Interior Solutions Pte Ltd ('DDS'), with Depa holding 55% and Design Studio 45% respectively.

The combined Design Studio and DDS businesses will continue to be lead by Bernard Lim, the current CEO, with the rest of the management team remaining in situ.

Mr Bernard Lim, CEO of Design Studio and DDS, added:"This acquisition will aide Design Studio in meeting the rising demand from overseas markets and the strong supply of residential properties, hotels, and resorts being currently built throughout the region. We are excited to be strengthening our partnership with Depa and look forward to witnessing our joint success over the coming years."

Mr Hadi El-Solh, Managing Director of Investments at Depa, added:"Following its formation, DDS went on to sign the largest ever interior contract in Singapore, demonstrating the potential and power of this partnership. Working with Design Studio over the past few years in these capacities has allowed us to see their potential and future in the area. As an already trusted and proven partner, we are looking forward to growing our presence with Design Studio in the Far East market, an important part of Depa's long-term growth plans."

Design Studio's completed projects include: Marina Bays Sands Singapore®, Resort World at Sentosa, The Sail@Marina Bay, The Cosmopolitan, Singapore; William Beaver House(NYC), Trump International Hotel Tower (Las Vegas), United States; Tokyo Midtown Roppongi, Brillia Tower, Japan and Yas Hotel, Abu Dhabi and Intercontinental Hotel, DIFC, UAE.



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