Lunar hires ex-Parker Pens China executive as sector partner
Lunar Capital has appointed Vincent Sun as sector partner for high-end branded consumer goods, with the expectation that he will be seconded to children’s clothing retailer I Pinco Pallino Asia as general manager. This follows the China-focused GP’s normal practice of hiring industry veterans to support the development of specific portfolio companies.
Sun was previously China general manager for Parker Pens, the luxury pen business owned by Newell Rubbermaid Group. He has more than 20 years of sales and marketing experience in China, having also worked for Trane China and Lafarge Boral Plasterboard in the country.
Lunar entered into a partnership with Italian fashion brand Pinco Pallino - which is owned by Italian private equity firm Opera - to expand the I Pinco Pallino brand in China and East Asia. Lunar has a majority stake in the joint venture and also made a minority investment in Pinco Pallino through a reserved capital increase to support the expansion plan. They plan to open 50 stores in Asia over the next five years.
Sun's appointment parallels that of Simon Liu, a sector partner covering the beverage industry, who has since been seconded as CEO of Joysun, a Chinese manufacturer of walnut-flavored beverages. Liu, previously general manager of Vitasoy China, was initially brought in to conduct due diligence on potential investment targets, but there was a general understanding that he would likely lead any resulting portfolio company.
Lunar acquired a 60% stake in Sichuan Zhiqiang - which owns the Joysun brand - in March 2012 for around $50 million. The brand's safe and healthy qualities - walnut-based products are well known in China for their nutritional value - were seen as well suited to current consumer priorities.
The private equity firm's approach to operating partners is pragmatic twist on that employed by the global buyout funds. A GP of Lunar's size is unable to maintain a dedicated operating team so it hires individuals relevant expertise before making an investment, uses them during due diligence and then offers them a salary-plus-equity package as CEO of the portfolio company.
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