Investments
Group-buying sites remain a VC risk
Group-buying websites in China is the trend that keeps on growing. In the last 18 months, an estimated 3,600 participants entered the market. Industry sources say 10% of those have received capital from outside sources – much of it from domestic and overseas...
Chinese outbound M&A: Unfamiliar territory
Griffin's Foods is inching its way to market. For some weeks now, rumors have been circulating that Pacific Equity Partners (PEP)-owned New Zealand snack foods business was being primed for sale. The whispers accelerated last week when reports emerged...
J.P. Morgan eyes $400m investment in SKIL Infrastructure
A J.P. Morgan Chase-backed fund will pay approximately $400 million for a nearly 20% stake in Mumbai-based SKIL Infrastructure, an infrastructure project developer with assets including ship maker Pipavav Defence – formerly Pipavav Shipyard - and Offshore...
Buyout firms structure Australia investments through Singapore
Singapore has emerged as the preferred conduit for private equity firms looking to enter and exit investments in Australia from offshore. CHAMP Private Equity and TPG are understood to be among those to have set up Singapore structures in the wake of...
South African insurer to buy 26% stake in Shriram Capital
Some private equity investors in Shriram Capital (SCL) will be granted an exit opportunity as a result of South African insurer Sanlam’s acquisition of a 26% stake in the company. The deal is estimated to be worth INR20 billion ($430 million), with regulatory...
SAIF Partners India backs Manpasand Beverages
SAIF Partners India has invested $10 million in Manpasand Beverages, a juice maker and distributor based in Vadodara. The deal is the latest in a string of private equity transactions in India’s food and agriculture space, The Economic Times reported....
ANZ no longer in talks to buy Cerberus' Aozora stake
Australia and New Zealand Banking Group (ANZ) has ended discussions over a potential investment in Aozora Bank. Talks with Cerberus Capital concerning its 50% stake in the Japanese lender floundered at an early stage because the two sides could not agree...
PEP hires banks to advise on Griffin's Foods sale – report
Pacific Equity Partners (PEP) has appointed investment banks to advise on the potential sale of Griffin’s Foods, a New Zealand-based snack food business. It is thought the company could be sold for up to $750 million, including debt, Reuters reported,...
Japanese outbound M&A: Strategic imperative
Indonesian snacks and beverages producer GarudaFood appeared to be heading The Carlyle Group’s way in mid-June. The PE firm was said to have outbid Japanese beverage firm Suntory by agreeing to pay $200 million for a 25% stake in the company. Then silence....
Permira hits jackpot with Galaxy
Permira's casino gamble seems to have paid off in Macau. The UK-based private equity firm divested approximately 6.5% of its stake in Macau casino and entertainment operator Galaxy Entertainment Group for HK$4.8 billion ($614 million), selling 270 million...
Whitehaven's PE backers make partial exit
Three months after Australian miner Whitehaven Coal called off its auction process, the company’s two largest shareholders cut back their interest. First Reserve Corp. and AMCI International on August 31 sold 65 million shares for A$390 million ($416...
PE firms struggle to secure Woori stake
It was the $6 billion question: Would the Korean government sell control of the country’s third-largest lender to a private equity firm? Had the answer been yes - and Korea Deposit Insurance Corp. (KDIC) exited Woori Financial Group to one of three local...
WestBridge looks to exit portfolio companies of yesteryear
WestBridge Capital – which was re-launched by its original founders in February - is looking to exit portfolio companies in which it invested prior to merging with Sequoia. According to India’s Business Standard, this includes stakes in Indecomm Global,...
CVC resumes efforts to sell Japanese shoe repair chain
CVC Asia Pacific has hired Mizuho Securities to advise on the sale of shoe repair chain Minit Asia Pacific and invitations have been sent for first-round bids, according to Reuters.
PAG commits $250m to NASDAQ-listed Funtalk China
PAG Asia Capital has agreed to invest $250 million in Funtalk China Holdings, a NASDAQ-listed company that controls Chinese subsidiaries involved in the distribution and retail of mobile phone handsets, accessories and content.
Anacacia Capital fund named world's top performer
A vehicle launched by Australia’s Anacacia Capital has been named the top performing fund globally by Pensions and Investments magazine. Anacacia Partnership I, which closed in 2007, was judged to be the outstanding performer out of funds raised between...
PE-backed spices firm VKL in talks with Olam
Indian spices processor Vallabhadas Kanji (VKL), of which Argonaut Private Equity and Ascent Capital are minority backers, is close to securing a strategic investment agreement with agricultural commodities giant Olam.
Permira divests 6.5% stake in Galaxy Entertainment for $614m
UK-based Permira has divested approximately 6.5% of its stake in Macau casino and entertainment operator Galaxy Entertainment Group for HK$4.8 billion ($614 million). It sold 270 million shares for HK$17.70 apiece.
Innovation Works closes China internet fund at $180m
Innovation Works, the tech incubator started by Google’s former China head Kai-fu Lee, has closed its debut fund at $180 million. The vehicle, which specifically targets Chinese internet companies, was oversubscribed, the company said.
Tenaya Capital leads SMS GupShup's $10m Series E round
San Francisco-based venture capital firm Tenaya Capital has led the $10 million Series E round of financing for SMS GupShup, an Indian social networking company. The company plans to use the funds to add new senior management who can help it expand and...
ChrysCapital accumulates 7.2% stake in NCC
ChrysCapital has bought a 7.2% stake in NCC, an Indian construction company backed by Blackstone Group, for INR1.37 billion ($30 million). The purchases – 18.5 million shares in total – were made on the open market by ChrysCapital unit Warhol between...
PE firms sell down Whitehaven Coal stakes
First Reserve Corp., an energy-focused PE investor, and AMCI International have sold A$390 million ($416 million) of shares in Australian miner Whitehaven Coal, prompting a 5% fall in its share price on Wednesday. The partial exits come after Whitehaven...
Private equity's fashion fix
Fashionable women the world over aspire to own something – a handbag, a coat, a pair of leather pumps – by a designer of such legacy and prestige as Valentino. But in May 2007, global private equity investor Permira pulled the ultimate one-upmanship:...
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...