Southern Capital backs Malaysia's Adventa in $100m MBO
Singapore-based Mulberry Asia Fund II, a private equity fund managed by Southern Capital Group, has acquired medical products manufacturer Adventa alongside its present managing director Low Chin Guan. The deal is valued at MYR320.85 million ($100 million).
According to a filing to Bursa Malaysia dated 10 July 2012, the price is equivalent to RM2.1 per Adventa share. The offer was made through Aspion, a special purpose vehicle in which Mulberry and Low hold 70% and 30% equity interests respectively. Low currently owns 38.25% in Advanta.
Aspion will acquire 100% of Adventa. It proposed to pay RM96.3 million, or 30% of the purchase price, within six months from the completion date. The remaining RM224.6 million will be paid in cash on the completion date.
Upon completion of the proposed acquisition, Adventa will distribute at least RM1.7 per share to all shareholders.
Based in Malaysia, Adventa manufactures and distributes medical products and devices for the healthcare industry. The group has operations in five countries, with a workforce over 2,000. The company was listed on the Malaysian Stock Exchange in 2004.
In March 2009, Southern Capital closed its Mulberry Asia Fund II at $300 million, making it five times larger than its predecessor, which closed in 2005. The buyout fund seeks opportunities in consumer products, financial services, infrastructure and manufacturing across Asia.
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