AVCJ

Weekly digest - September 28 2022

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28 September 2022
INDIA MASS MARKET: BHARAT DREAMS
COVER STORY
A labyrinth of logistical, cultural, competition, and business modelling challenges is curbing PE appetite for India’s quickly modernising proletariat.
LP INTERVIEW
PARTNERS CAPITAL
PARTNERS CAPITALNearly a decade after establishing a foothold in Asia, Partners Capital has acquired a string of local clients and devised a distinct, middle market-oriented approach to deploying capital in the region.
FUND FOCUS
TOWER GOES LARGE WITH DEBUT FUND
TOWER GOES LARGE WITH DEBUT FUNDTower Capital Asia is repositioning itself as a large, globally connected PE firm as it transitions from deal-by-deal investing to a fund structure. Deep roots in Singapore remain the nucleus of the strategy.
DEAL FOCUS
INTEGRATION PAYS OFF FOR EVOMOTION
INTEGRATION PAYS OFF FOR EVOMOTIONWith investors going cold on China artificial intelligence, Evomotion has remained popular and profitable by delivering hardware and software to corners of the market that are either overlooked or hard to access.
By the Numbers
AVCJ RESEARCH
SCARCITY OF CONTROL
Take-privates dominate China buyouts, even though often they don't constitute a change in control - the founder, chairman, and majority shareholder in the target company. These deals account for half of the 10 largest buyouts announced in the country to date, including six of the top eight, according to AVCJ Research.
Advent International's recent acquisition of a majority interest in local Western-style restaurant chain Wagas Group - at a reported valuation of around USD 1bn - is evidence of large-cap opportunities outside of the take-private space.
However, they are still relatively limited in number and concentrated around several key themes, such as divestments by foreign corporates (Reckitt Benckiser, McDonald's, Zhaopin, Rokin Logistics, Nanfu Battery, EF Kids & Teens) and sales by founders or families that do not necessarily originate from the mainland (HCP Packaging, ShyaHsin Packaging, Wagas).
Moreover, this limited supply is underscored by how assets move from one financial sponsor to another. HCP is under its third successive private equity owner, while one of Advent's earlier big bets - King Koil - was acquired from Trustar Capital and sold to Hillhouse Capital.
CHART
All of the trends featured here were sourced from AVCJ's proprietary database, AVCJ Research, featuring comprehensive information on private equity deals, fundraises and exits.
For your calendar
UPCOMING EVENTS

 

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