Tempest PE expands Sri Lanka portfolio
View(s):Tempest PE Partners (TPE), a Colombo-based private equity firm that takes a hands-on approach to investing into, advising and scaling businesses, has announced the completion of three new transactions over recent months, spanning sectors as varied as enterprise software, leisure and smart warehousing. The transactions reflect both the breadth of the firm’s investment strategy and its growing regional presence.
In early January, Tempest led an investor consortium to acquire a significant minority stake in Acentura, a systems implementation and staff augmentation company with an established footprint in the Sri Lanka and select overseas markets, Tempest said in a media release.
Acentura and Tempest officials.
“Over the past six years, Acentura has delivered sustained high growth by combining deep industry expertise with a relentless focus on customer outcomes. Our partnership with Tempest PE Partners is about accelerating that momentum, bringing stronger governance, strategic capital, and the experience needed to expand into new markets, new service lines, and larger enterprise opportunities,” said Chandana Ranasinghe, Founder/CEO of Acentura.
In March, Tempest structured an investor group to acquire a majority stake in The Grand Surf Hotel, a beach club and luxury chalets development in the south of Sri Lanka that is expected to open its doors on a staggered basis between April and August. “Working with Tempest helped scale and structure the project to its fullest potential. It is a truly unique concept in a special location and we hope to elevate Sri Lankan hospitality as a whole, while also presenting a successful hospitality business model,” said Dmitri Jayasuriya, Director/Founder of Grand Surf.
The third transaction marks Tempest’s first move overseas focusing on raising institutional investment in Malaysian public equities. Working with other Malaysian partners, Tempest raised 30 million Malaysian ringgit for PTT Synergy, a Bursa Malaysia listed company that provides smart warehousing solutions and has traditionally been a leader in earthworks and industrial building construction.
“We are pleased to have completed our first advisory and fund-raising activity in Malaysia, where we see strong opportunities to help mid-sized companies raise their profile and tap capital markets,” said Chehan Perera, Managing Director of Tempest. In relation to the Sri Lanka investments, Mr. Perera further added, “We were particularly impressed by Acentura’s management team and what they have built in a short period – the company is well-positioned to scale as it expands into new markets and develop customised industry solutions. On Grand Surf, we have long sought exposure to the leisure sector, and this opportunity in a prime location has the potential to be truly transformative for Sri Lanka – much in the way beach club culture has defined destinations like Bali.”
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