Mandarin Capital agrees JV with China’s Dagong - report

The two companies will together establish Dagong Europe, which will have its headquarters in Milan, Italy, by the start of 2013, according to Il Sole 24 Ore.

Former Fitch Italy executive Marco Cecchi di Rossi will oversee the start-up of the new European subsidiary, which will employ an initial workforce of 10 analysts to cover the French, German, Italian and Spanish markets, followed by the UK at a later date.

Dagong Europe, which will apply for approval from securities regulator ESMA in the next few months, plans to hire 30 analysts within the first five years. It is targeting revenues of EUR9 million ($12 million) and hopes to secure a 5-10% share of the market.

Earlier this year, Mandarin Capital sold more than half of its stake in Italian pharmaceutical ingredient maker Euticals to private equity fund Clessidra, netting a return of three times of its initial investment. It announced plans last November to launch a $1.4 billion fund in 2012 to allow Chinese firms to make overseas acquisitions.

Mandarin counts China Development Bank (CDB), the Export-Import Bank of China and Italian bank Intesa SanPaolo among its investors.

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• Topics
• Expansion
• Greater China
• Financials
• Growth capital
• China
• Financial Services
• Mandarin Capital Partners