Baring increases stake in Chinese retailer Magic Holdings
Baring Private Equity Asia has increased its stake in Magic Holdings, a Hong Kong-listed skincare brand. The PE firm bought 50 million shares - approximately 5% of Magic Holdings' total issued share capital - at HK$2.9 apiece for a total consideration of HK$146 million ($18 million).
The transaction comes six months after Baring acquired a 15% interest in the beauty products retailer for HK$451 million.
The most recent investment was channeled through Baring Private Equity Asia V, a $2.46 billion vehicle that closed in January 2011. According to a statement filed to the Hong Kong Stock Exchange, the shares were purchased from Queenherb Enterprises, a wholly-owned subsidiary of Hua Han Bio-Pharmaceutical Holdings.
Other investors in Magic Holdings include Atlantis Capital, an independent investment boutique which manages $3 billion across China and Asia ex-Japan equities.
Magic Holdings sells facial mask products in China under its MG brand, which is responsible for 151 products across 11 series. With 214 distributors and 8,475 points of sale, the company claims to have the largest market share in the facial mask industry in the country.
Baring Private Equity Asia V targets investments in Greater China, India, Japan, Singapore, South Korea and Southeast Asia. It recently agreed to back China Yongda Automobile Services as a cornerstone investor in the firm's HK$1.67 billion IPO. The Hong Kong listing was re-launched this week, one month after being pulled due to weak market demand.
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