Exits
Bain buys MYOB as markets sink Sage bid
Recent turbulence in the global markets did private equity a favor last week as Bain Capital emerged as the unlikely victor in the auction for Australian accounting software firm MYOB. Bain and KKR had for several weeks been regarded as the frontrunners...
Australia pursues Myer profits offshore
No one expects the ATO to get far in its attack on TPG’s Luxembourg and Cayman entities
ANZ in talks to buy Cerberus’ Aozora Bank stake – report
Australia and New Zealand Banking Group (ANZ) has begun negotiations to buy Cerberus Capital’s 50% stake in Aozora Bank, Reuters reported, citing two sources familiar with the situation. ANZ is said to be attracted by the Japanese lender’s strong...
Indian ethnic fashion retailer seeks private equity investment
Wolfensohn Capital Partners is going to sell its 8% stake in ethnic fashion retailer Fabindia. The exit comes as Fabindia looks to raise around INR2 billion from new investors.
ANZ linked to potential acquisitions of Tokyo Star Bank, Aozora Bank
Australia and New Zealand Banking Group (ANZ) is reportedly looking to acquire Lone Star-controlled Tokyo Star Bank or Cerberus-owned Aozora Bank.
India's Axis Private Equity to sell portfolio companies
India’s Axis Private Equity is reportedly negotiating the sale of Vishwa Infrastructure and Corrtech International, and plans to dilute its stake in Neesa Leisure through an IPO.
Bright Food finally seals overseas acquisition
China's Bright Food Group is set to acquire a 75% stake in CHAMP Private Equity-controlled Manassen Foods, finally making a breakthrough in its long-held but often thwarted ambitions to take a significant step into overseas markets. The parties did not...
PEP, Unitas exit Independent Liquor to Asahi
Pacific Equity Partners (PEP) and Unitas Capital last week agreed to sell New Zealand beverage firm Independent Liquor to Japan’s Asahi Group for NZ$1.525 billion ($1.27 billion). The private equity firms secured a 1.5x return on their original NZ$1.2...
PE’s love-hate relationship with corporates
This week's AVCJ highlights three deals, all located down under, involving corporates in private equity – Bain Capital outbidding Sage for Archer and HarbourVest’s MYOB, Asahi taking over Independent liquor from Pacific Equity Partners and Unitas,...
Australian tax authorities win right to pursue TPG over Myer
The Australian Taxation Office (ATO) was won court orders to help it trace overseas funds that were distributed following TPG’s IPO exit from Myer, The Australian reported.
BofAML to retain at least 5% of its CCB holding
Bank of America Merrill Lynch (BofAML) has agreed to extend its partnership with China Construction Bank (CCB) until the at least the end of 2012. Zhang Jianguo, president of CCB, said the US bank, which currently has a 10% stake in the Chinese lender,...
Apollo may exit Parallel Petroleum to Korea’s Samsung C&T
Apollo Global Management could be on course to exit Parallel Petroleum after South Korean trading firm Samsung C&T said it was interested in purchasing the US asset. The deal is slated to be worth about KRW1 trillion ($919.6 million), Reuters reported,...
Bain emerges as winner in MYOB auction
Bain Capital is to acquire Australian business software maker MYOB from Archer Capital and HarbourVest Partners for approximately A$1.2 billion ($1.3 billion). It outbid private equity rival KKR and UK software maker Sage, which was earlier said to be...
Rabo Private Equity tipped to exit Indian edible oils producer
Rabo Private Equity is set to exit its stake in Indian edible oils producer Geepee Agri Private as Archer Daniels Midland (ADM) closes in on an acquisition of the company. Sources familiar with the situation told The Times of India that the US food processing...
Temasek affiliate part-exits Shin Corp holding
An affiliate of Temasek Holdings has sold 7.9% of its stake in Thai telecom company Shin Corp. Cedar Holdings, which is 49% owned by the Singaporean sovereign wealth fund, raised THB9.126 billion ($305 million) through the sale of 253.3 million shares...
Lombard exits Thai mall developer for 7.1x return
Lombard Investments has exited its stake Thai shopping mall developer Central Pattana via a sale to local and institutional investors, earning $170 million, or a 7.1x return on its $24 million investment.
Sage set to acquire PE-owned MYOB
UK software maker Sage is believed to have acquired Australian accounting software company MYOB from private equity owners Archer Capital and HarbourVest Partners, beating Bain Capital and KKR, sources close to the auction tell AVCJ.
Bright Food reaches agreement on Manassen purchase
China’s Bright Food Group has agreed to buy a 75% stake in Manassen Foods, which is majority-owned by CHAMP Private Equity. The size of the deal was not specified, but sources told Reuters that it values the Australian company at more than A$500 million...
Asahi to buy Independent Liquor from PEP, Unitas for $1.25b
Asahi Group will buy New Zealand beverage group Independent Liquor from Pacific Equity Partners (PEP) and Unitas for NZ$1.5 billion ($1.25 billion). The Japanese firm’s Australian subsidiary plans to buy all outstanding shares in Flavoured Beverages...
PE-backed Just Dial targets $79m IPO
Indian search engine Just Dial is planning a INR3.6 billion ($79 million) IPO that will allow its private equity backers to make full or partial exits. A draft prospectus filed with the Securities and Exchange Board of India indicates that offering will...
Covalent partial-exit marks end of an era
The name Toshiba Ceramics is firmly rooted in the golden age of Japanese private equity. In 2006, The Carlyle Group and Unison Capital bought the company from Toshiba Group for JPY91 billion ($774 million at the time) in what was one of the most expensive...
Turnarounds in Thailand
Thailand has gained minimal attention as an investment destination in Southeast Asia, but recent transactions highlight its potential
Actis considers revised bid from AMRI for Sterling Hospitals
Actis is negotiating the sale of its Indian portfolio company Sterling Hospitals, AMRI, a hospital chain backed by local conglomerate Emami and real estate developer Shrachi Group. AMRI is said to have bid INR6 billion ($133 million) for an 80% stake,...
Cargill beats off Chinese competition to land Provimi
Cargill, the world’s largest agricultural commodities trader, will acquire Netherlands-based animal feed company Provimi from private equity firm Permira for an enterprise value of EUR1.5 billion ($2.1 billion). China’s New Hope Group was among the...