Investments
Third Quarter 2011: Venture capital deals steal the spotlight as buyouts wane
Third quarter analysis: Early-stage deals gain traction in Asia; mixed messages on China fundraising; weak public markets see trade and secondary sales thrive
BC Partners not ruling out an IPO for Fitness First
UK-based BC Partners still plans to list gym chain Fitness First in Asia if a buyer is not found, according to sources familiar with the situation. This comes one week after the private equity investor called off Fitness First’s planned IPO in Singapore...
Japan's Murata Manufacturing acquires VTI Technologies
Private equity fund EQT III will divest its 100% stake in Finish motion sensor parts maker VTI Technologies to Japanese electronic parts maker Murata Manufacturing for JPY20 billion ($261 million).
Bain set to acquire Japan's Skylark for $3.4b
Bain Capital is finally set to acquire Japanese restaurant chain operator Skylark from Nomura Holdings for approximately JPY260 billion ($3.4 billion) including debt, after more than six months of delays.
Khazanah’s Parkway tipped to buy Sterling Hospitals from Actis
Parkway Holdings, the Singapore-based hospital operator owned by Khazanah Nasional, is the favored bidder for Actis’ Sterling Hospitals. The deal, which could be worth around INR7 billion ($142 million), would allow Parkway to enter India’s $65 billion...
Mekong Capital exits hotel decorator AA Corporation
Mekong Capital, a Vietnam-focused private equity fund, has exited its 100% stake in luxury furniture maker and hotel decorator AA Corporation to an undisclosed investment fund. It has achieved a gross return multiple of 2x and a gross IRR of approximately...
Lone Star Korea's former head Paul Yoo files court appeal
Paul Yoo, former head of Lone Star in Korea, has appealed to Korea’s Supreme Court over his conviction for manipulating the stock price of Korea Exchange Bank (KEB) in 2003, Dow Jones reported.
CIC’s Central Huijin boosts China bank stakes
Central Huijin Investment, the unit of China Investment Corp. (CIC) responsible for holdings in the country’s major state-owned banks, has been buying shares in these lenders to boost valuations. It took similar action in September 2008 as credit markets...
India’s Just Dial plans NASDAQ listing
Private equity-backed Indian search engine Just Dial is looking to list its international unit on NASDAQ, barely two months after filing for a domestic IPO worth up to INR3.6 billion ($79 million).
SAP Ventures backs Indian internet services firm One97
SAP Ventures has committed $10 million to One97 Communications, a mobile internet services firm that delivers content and advertising services to customers including Airtel, Vodafone, Coca-Cola, Nestle and Samsung.
Revised India FDI regulations threaten PE exits
Private equity activity in India is expected to take a hit following the introduction of new rules that clamp down on foreign direct investment (FDI) into the country.
Advantage, KKR, Olympus line up for MBK-owned Yayoi
Advantage Partners, KKR and Olympus Capital are reportedly among the potential bidders for Japanese accounting software developer Yayoi from MBK Partners.
India PE deals reach $8.57b in first three quarters of 2011
Private equity firms invested approximately $2.25 billion in 98 deals in India in the third quarter of 2011, bringing the industry’s total to $8.57 billion in 317 transactions for January-September. This marks a significant increase on the $6.4 billion...
Lone Star found guilty of manipulating KEB's stocks
A Seoul court has found US buyout fund Lone Star guilty of manipulating the stock prices of Korea Exchange Bank (KEB) in 2003, and has ordered the fund to pay KRW25 billion ($21 million) in damages.
Yahoo examines options for exiting Japanese business – report
Yahoo is close to unloading its 35% stake in Yahoo Japan and it is thought that a sale could happen relatively quickly, potentially simplifying decisions about the US firm’s wider prospects.
Citic Securities disappoints on Hong Kong trading debut
Citic Securities, which raised $1.7 billion through an IPO backed by investors including Temasek Holdings and Kuwait Investment Authority (KIA), performed poorly on its Hong Kong market debut Thursday, dropping 10.5% before closing unchanged.
Australian Tax Office sees TPG-Myer court ruling overturned
An Australian Federal Court has overturned an earlier ruling that allowed the Australian Tax Office (ATO) to serve legal documents to TPG Capital’s country head as part of its efforts to settle a A$739 million ($784 million) tax bill arising from the...
CLSA commits $22m to India’s Resonance Eduventures
CLSA Capital Partners has invested $21.8 million for a minority stake in Resonance Eduventures, an Indian education specialist. It marks the fifth investment in India by the $333 million ARIA Investment Partners III and the 10th by the ARIA group of funds...
Blackstone exits first property in China
The Blackstone Group has sold its first property in China, exiting its 95% stake in Shanghai’s Channel 1 shopping mall to Hong Kong-based real estate group New World Development for RMB1.46 billion ($229 million). The deal is scheduled to close in early...
Baring group looks to exit Singapore-based Courts Asia
A unit backed by Baring Private Equity and a consortium of investors is looking to sell Singapore-based furniture and electronics franchise Courts Asia for more than S$500 million ($382 million).
Blackstone’s GSO exits Stolle to Japanese strategic buyer
GSO Capital Partners, Blackstone Group’s credit business, will sell Stolle Machinery to Japan’s Toyo Seikan for $775 million. The transaction is expected to close before the end of 2011, subject to regulatory approvals.
Carlyle purchases 9% stake in India Infoline
The Carlyle Group has acquired a 9% stake in the listed unit of India Infoline Group (IIFL), a retail and institutional brokerage, on the open market.
Partners Group in mezzanine deal with Archer Capital’s QSRH
Partners Group has provided a mezzanine loan to Australian Quick Service Restaurant Holdings (QSRH), the fast food chain that Archer Capital bought from Quadrant Private Equity for A$450 million ($474 million) in June.
BC Partners scraps listing plan for Fitness First, seeks buyers
European private equity investor BC Partners has canceled its planned GBP$1 billion ($1.6 billion) listing of global gym chain Fitness First on the Singapore Stock Exchange, and is now seeking buyers for the asset.