Singapore-based private equity firm StateSquare Capital said it has agreed to acquire a controlling stake in Advanced Integrated Manufacturing (AIM), an aerospace and defence electronics manufacturing services (EMS) provider.
Financial terms of the deal were not disclosed. StateSquare said it expects to close the transaction in the first quarter of this year.
Founded in 1999, AIM provides flight-critical electronic and mechanical manufacturing solutions spanning prototyping, production, assembly, and testing, with operations in Singapore, Malaysia, Indonesia, and the United Kingdom.
The company serves global aerospace and defence customers across Europe, North America, and Asia, according to the announcement.
Under StateSquare’s ownership, AIM will expand capacity and add capabilities while pursuing bolt-on acquisitions in Europe and North America.
StateSquare, which specialises in mid-market buy-and-build strategies, has set aside substantial follow-on capital to fund the growth plan.
“We are excited to partner with AIM’s leadership to further scale the company into a global aerospace & defence manufacturing solutions provider of choice,” said StateSquare Managing Partner and CEO Florian Marquis.
AIM Chairman and CEO Dr. Tan Kim Yong said StateSquare’s global investment approach, combined with its local execution capabilities, made it a strong fit for the company as it scales.
While AIM was founded in Asia, Tan said it has long served customers in Europe and North America, adding that StateSquare’s early commitment to put additional capital behind the platform gave AIM the confidence to partner with Marquis and his team.
StateSquare’s dealmaking comes as it steps up fundraising. In January, the firm secured backing from Taiwanese industrial conglomerate Welhunt for its debut institutional fund, which is targeting $250 million and held a first close in 2025 with around 60% of commitments secured, DealStreetAsia reported.
Originally known as Wel Capital, the firm rebranded as StateSquare Capital at the end of 2024 to reflect international ambitions, according to its institutional profile.
StateSquare is majority-owned by Marquis, who previously spent about a decade at Swiss private equity firm Partners Group working on direct investments across Asia-Pacific, according to his published biography and industry materials.
StateSquare said it focuses on control investments in mid-market companies and targets operational transformation and long-term value creation across industrial technology and services, among other sectors.
