Buyouts
2Q analysis: Numbers that deceive
Asia has seen remarkable revivals in private equity investment and fundraising – though not in exits – over the past three months. A handful of large-cap situations mask a weak environment
Deal focus: J-Star maneuvers Japan’s restaurant lull
J-Star's acquisition of Pepper Lunch is driven by a willingness to look past COVID-19 dislocations and focus on the long-term fundamentals of the fast-casual dining space in Japan
EQT revises offer for New Zealand’s Metlifecare
EQT has submitted a revised offer to acquire New Zealand retirement village player Metlifecare at a lower valuation after facing a legal challenge over its attempt to terminate a previously agreed deal.
Japan's J-Star acquires Pepper Lunch
Japanese private equity firm J-Star has acquired regional restaurant chain Pepper Lunch for an undisclosed sum.
KKR to buy control of Indian pharma player
KKR has agreed to buy a 54% stake in Indian drug maker J.B. Chemicals & Pharmaceuticals for INR31.1 billion ($416 million) and made an open offer for an additional 26% of the company.
Rise Fund buys solar plants from Chinese developer
The Rise Fund, TPG’s impact investment business, has purchased solar projects with a combined capacity of 970 megawatts from China-based Trina Solar for approximately $700 million.
MBK-owned Accordia Golf to buy courses from Singapore trust
Japan’s Accordia Golf, which was acquired by MBK Partners in 2017, has agreed a S$804.1 million ($577 million) privatization of a Singapore-listed trust it established six years ago as the holding entity for 88 golf courses.
CLSA acquires Japan household jobs marketplace
CLSA Capital Partners (CLSA CP) has acquired Assist, a Japanese marketplace that facilitates sourcing helpers for daily household jobs.
Deal focus: Carlyle pursues largest India animal healthcare deal
The Carlyle Group is willing to invest as much as $210 million in SeQuent Scientific to get a head start in India's rapidly evolving animal healthcare industry
Japan Industrial Partners to buy Olympus' imaging division
Japan Industrial Partners (JIP) has agreed to acquire Olympus Corporation’s camera and lens business, which has posted losses in each of the last three years.
Bain to buy Virgin Australia
Bain Capital has entered into an agreement to acquire and recapitalize beleaguered airline Virgin Australia Holdings (VAH).
Deal focus: Running the CFIUS gauntlet for Grindr
Grindr, America's most popular LGBTQ dating app, was only put up for sale because its Chinese owner violated foreign investment regulations. San Vicente's subsequent $560 million acquisition faced intense scrutiny
Chinese IPOs: One less option
Will Chinese companies listed in the US become the latest casualties of tensions between the two countries? It could lead to a narrowing in IPO exit options for PE and VC investors
Five V buys New Zealand software developer
Australian private equity firm Five V Capital has acquired a controlling stake in New Zealand employee management software provider Totara for an undisclosed sum.
Mercury buys Bauer Media’s Australia, New Zealand assets
Sydney-based private equity firm Mercury Capital has agreed to acquire the Australia and New Zealand assets of Germany’s Bauer Media, including an extensive magazine portfolio.
PE investors agree $8.7b take-private of China's 58.com
58.com, China’s leading online classifieds marketplace, has agreed to be acquired by a consortium of private equity investors at an implied equity valuation of $8.7 billion.
Asia gyms: Muscling through the mire
Fitness centers have continued to woo investors during COVID-19 despite patchy progress in the reopening of gyms and difficult-to-digitize business models
BGH buys health centers from Australia's Healius for $341m
BGH Capital has agreed to acquire the primary care business of Australia’s Healius – comprising medical centers, GP practices, and dental clinics – for an enterprise valuation of A$500 million ($341 million).
CVC seeks control of India healthcare player HCG
CVC Capital Partners is looking to acquire majority control of Indian cancer care center operator HealthCare Global Enterprises (HCG) in a deal that could be worth up to IN10.4 billion ($$138.9 million).
Corporate carve-outs: Seller's dilemma
Private equity investors expect to see more divestments by Asian conglomerates, but a torrent of new deals is unlikely. Much rests on when the seller is confident enough to pull the trigger
Baring pursues $1.1b privatization of India's Hexaware
Baring Private Equity Asia, which already holds a majority stake in Indian IT services provider Hexaware Technologies, is offering to privatize the business at a valuation of INR85 billion ($1.1 billion).
PE-backed group resumes pursuit of Malaysia's Yee Lee
A Dymon Asia Private Equity (DAPE)-backed privatization of Malaysia’s Yee Lee Group – which did not proceed last year – has been reactivated at a reduced valuation of MYR394.7 million ($92.4 million).
Portfolio: Anacacia Capital and Duncan Solutions
Following its investment in Duncan Solutions in 2018, Anacacia Capital is helping the parking management systems provider tap into demand arising from Australia’s smart city movement
Deal focus: IMM overcomes distancing disruption
Health and safety was a priority when IMM Private Equity negotiated a $413 million carve-out of Korea Kolmar Holdings' drug outsourcing business against the backdrop of COVID-19