Buyouts
Trustbridge assumes control of WeWork China
Trustbridge Partners has committed $200 million to WeWork's China operation as part of a deal that sees the business become fully independent from its US-headquartered parent.
Deal focus: PEP reaches its Zenith
The fourth investment from Pacific Equity Partners’ secure assets fund, Zenith Energy is expected to serve as a platform for expansion in the Australian remote power industry
Portfolio: Pioneer Capital and Natural Pet Food Group
Pet ownership is no longer a hobby – it’s an emotional market in the same vein as mother-and-baby. Pioneer Capital knows that grain-based kibble will not do
Deal focus: COVID-19 prompts Modern Star exit rethink
Navis Capital Partners' 3.5x return on Australian educational resources supplier reflects how the business proved resilient in the face of COVID-19, but the pandemic still played havoc with the exit process
Australia's BGH backs online travel agent
BGH Capital has invested an undisclosed sum in TripADeal, an online travel agent that caters to the Australia and New Zealand markets.
DCP pursues $5.6b take-private of China's 51job
DCP Capital Partners has submitted a take-private offer for Chinese online recruitment services platform 51job that values the company at approximately $5.6 billion.
CLSA acquires Japan fitness club operator
CLSA Capital Partners (CLSA CP) has acquired Japanese 24-hour fitness club operator Worldplus for an undisclosed sum.
PEP to buy Australian software player for $367m
Australia’s Pacific Equity Partners (PEP) has agreed to acquire 100% of Sydney-listed enterprise software and IT services provider Citadel for A$503 million ($367.5 million).
Bain pursues $374m acquisition of Japan pharmacy business
Bain Capital has agreed to acquire Japanese pharmacy chain store operator Kirindo Holdings through a tender offer that values the business at JPY39.7 billion ($374 million).
TPG backs $2b carve-out of Aviva Singapore
TPG Capital has joined a consortium led by Singapore Life (Singlife) that has agreed to acquire the Singapore business of UK insurance giant Aviva for S$2.7 billion ($2 billion).
Baring to buy IT outsourcing player Virtusa for $2b
Baring Private Equity Asia has agreed to buy Virtusa, a global business consulting and IT outsourcing company with major delivery centers in India and Sri Lanka, for approximately $2 billion.
China due diligence: Nightmare scenarios
Luckin Coffee’s precipitous rise and fall is a reminder of longstanding issues around corporate fraud in China. Failing to spot problems before they emerge remains a key concern for PE investors
Navis sells Australia education business to PEP
Navis Capital Partners has sold Australian educational resources provider Modern Star to local private equity firm Pacific Equity Partners (PEP) at an enterprise valuation of about A$600 million ($433 million).
Baring-owned Vistra acquires Japan accounting firm
Vistra, a Hong Kong-based corporate services provider and fund administrator owned by Baring Private Equity Asia, has acquired Japanese accounting specialist Routes for an undisclosed sum.
Deal focus: Japan sees more mid-cap carve-outs
Having completed its first-ever corporate carve-out in July, Japan's J-Star has now racked up its second with the acqusition of waste management business Sincere Corporation from NEC
Deal focus: Hahn puts faith in aviation rebound
International travel remains largely off-limits, but Hahn & Company is optimistic on the long-term prospects for Korea's aviation industry and for Korean Air's in-flight catering and duty-free businesses
China GPs must double down on operational skills - McKinsey
Private equity investors in China must develop new operational capabilities to deliver returns because they can no longer rely on macroeconomic tailwinds to drive growth, according to McKinsey & Company.
NSSK buys Japanese sports nutrition business
NSSK has acquired the sports nutrition division of Japan’s Dome Corporation, which is best known as the local distributor for US sportswear brand Under Armour.
Japan's J-Star acquires waste management business
Japanese private equity firm J-Star has acquired local waste management operator Sincere Corporation for an undisclosed sum.
BGH, OTPP reengage with New Zealand's Abano
BGH Capital and Ontario Teachers’ Pension Plan (OTPP), which recently terminated an acquisition of New Zealand dentistry chain Abano, have renewed their bid at a lower price.
China data centers: Real estate plus
Valuations are rising in China’s data center industry as speculative real estate-style investors flood the market. Experienced players are willing to spend more time building scale
PAG buys majority stake in Indian wealth manager
PAG has invested approximately $300 million for a 51% stake in the wealth management business of Indian financial services players Edelweiss Group. The goal is to demerge and list the unit within 18 months.
Hahn & Co buys Korean Air's catering, duty free businesses
Hahn & Company is making its second acquisition from South Korea’s Hanjin Group – six years after carving out the Hanjin Shipping bulk carrier business – having agreed to buy the in-flight catering and duty-free operations of Korean Air for KRW990.6...
Fashion retailer C&A sells China business to local investor
Dutch fashion retailer C&A has agreed to sell its China business to Beijing Zhongke Tongrong Private Equity Investment Fund.