Goodwin’s Private Equity team advised Watlow Electric Manufacturing Company, a portfolio company of Tinicum Incorporated, in its privatization of Genes Tech Group Holdings Company Limited, a Hong Kong-listed thermal technology company focused on semiconductor end markets headquartered in Taiwan.
The privatization was implemented through a Cayman Islands court-sanctioned scheme of arrangement. The scheme became effective on February 27, 2026, and Genes Tech was delisted from the Hong Kong Stock Exchange and became a wholly owned subsidiary of Watlow on March 3, 2026.
The transaction highlights the growing cross-border activity involving sponsor-backed portfolio companies and public targets in Asia and represents one of the few US private equity-backed privatizations of a Hong Kong-listed company in recent years. Privatizations of Hong Kong-listed companies by US strategic acquirers or private equity-backed buyers require careful coordination across multiple jurisdictions and complex regulatory frameworks.
Tinicum is a New York-based private investment partnership with $5.2 billion of assets under management. The firm partners with leading industrial and manufacturing businesses to drive growth through operational excellence, product innovations, investments in research and capabilities, geographic expansion, and strategic acquisitions.
Watlow is a global industrial technology company founded in 1922 that designs and manufactures advanced thermal systems, including electric heaters, sensors, and controllers for demanding customer applications.
The Goodwin deal team was led by Ingram Cheung, Monique Chan, and Gabriel Lee (Corporate) and included Ai Tajima (W&I), Ce (Charles) Li, Jake Osborn, Justin Pierce (Global Trade), and Bill Stern (AML), with assistance from John LeClaire.
The privatization was implemented through a Cayman Islands court-sanctioned scheme of arrangement. The scheme became effective on February 27, 2026, and Genes Tech was delisted from the Hong Kong Stock Exchange and became a wholly owned subsidiary of Watlow on March 3, 2026.
The transaction highlights the growing cross-border activity involving sponsor-backed portfolio companies and public targets in Asia and represents one of the few US private equity-backed privatizations of a Hong Kong-listed company in recent years. Privatizations of Hong Kong-listed companies by US strategic acquirers or private equity-backed buyers require careful coordination across multiple jurisdictions and complex regulatory frameworks.
Tinicum is a New York-based private investment partnership with $5.2 billion of assets under management. The firm partners with leading industrial and manufacturing businesses to drive growth through operational excellence, product innovations, investments in research and capabilities, geographic expansion, and strategic acquisitions.
Watlow is a global industrial technology company founded in 1922 that designs and manufactures advanced thermal systems, including electric heaters, sensors, and controllers for demanding customer applications.
The Goodwin deal team was led by Ingram Cheung, Monique Chan, and Gabriel Lee (Corporate) and included Ai Tajima (W&I), Ce (Charles) Li, Jake Osborn, Justin Pierce (Global Trade), and Bill Stern (AML), with assistance from John LeClaire.