
Pacific Alliance's ARC Capital sells Shanghai supermarket chain for $164.8 million
ARC Capital Holdings has sold its entire stake in Shanghai Jiadeli Supermarket to Shanghai Haihang Jiale Enterprise Management Co. for RMB1.1 billion ($164.8 million).
Shanghai Jiadeli Supermarket is currently Shanghai's third-largest supermarket chain. According to ARC, its sale comes at a 1.9x cash multiple and has an IRR of 25.7%. ARC further noted that the exit price is approximately $5.7 million more than the asset's August 31 carrying value of $159.1 million.
Shanghai Jiadeli was founded in 1998 as a traditional mid-size supermarket chain, and has grown to 150 outlets. ARC Capital Holdings, an affiliate of the Hong Kong-based Pacific Alliance Group, is a closed-end fund that has been listed on the London Stock Exchange’s AIM board since June 2006. The sale comes after ARC invested a total of $89.1 million into the asset via two transactions, first in January 2007 and then in August 2008. The exit represents ARC’s first control investment to go full-cycle, from acquisition to sale.
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