Exits
PE-backed Converge ICT set for $680m Philippines IPO
Converge ICT, a Philippines-based broadband internet provider that counts Warburg Pincus as an investor, is poised to raise PHP32.9 billion ($680 million) in the country’s largest-ever IPO.
Australia's 99Designs acquired by European trade buyer
Australia’s 99Designs, a global graphic design marketplace, has been acquired by Ireland-based Cimpress, the owner of marketing services firm Vistaprint. It sets up at least one VC exit.
Warburg Pincus to invest $95m in India's Home First Finance
Warburg Pincus has agreed to invest INR7 billion ($95.7 million) in Home First Finance, an India-based provider of home loans to the low and middle-income segments.
PE-owned Asia data center business trades up after $540m IPO
Bain Capital-controlled data center operator Chindata Group Holdings gained 20% on its NASDAQ trading debut following a $540 million IPO.
PE-backed JD Health files for Hong Kong IPO
JD Health, the healthcare unit of Chinese e-commerce giant JD.com, has filed for Hong Kong IPO. The company’s backers include Hillhouse Capital, CPE, CICC Capital, and Baring Private Equity Asia.
Deal focus: Affirma's decade-long water turnaround
Having assumed full ownership of EMC Holdings in 2016, Affirma Capital rejuvenated the Korean wastewater management business through savvy acquisitions and encouraging management to get creative
IMM agrees $124m exit from Korea's Hollys Coffee
IMM Private Equity is set to exit its approximately 94% stake in Korean food and beverage chain Hollys Coffee to local digital payments services provider KG Inicis for KRW145 billion ($124 million).
PineBridge, Peter Thiel launch Southeast Asia-focused SPAC
Peter Thiel, co-founder of PayPal, Palantir Technologies and Founders Fund, has teamed up with PineBridge Investments and Pacific Century Group on a special purpose acquisition vehicle (SPAC) that will target new economy assets in Southeast Asia.
PE-owned Japan flash memory player postpones IPO
Kioxia Holdings, the Japanese flash memory business that a Bain Capital-led consortium acquired from Toshiba two years ago for an enterprise valuation of JPY2 trillion ($18.7 billion) has pulled the plug on its Tokyo IPO.
Deal focus: NSSK completes digital transformation
Converting Bunkasha Publishing's library of manga library from paper to digital form was a priority for NSSK. New owner Beaglee will now plug this content into its online distribution platform
Asia exits: Liquidity lags
Private equity exits – outside of the public markets – are gradually emerging from a COVID-19 hibernation. But sellers must be mindful of timing, structure, and which buyers they are targeting
NSSK sells Japanese manga publisher
NSSK has sold Bunkasha Publishing, a Japanese media group focused on manga comics in both print and digital formats, to local internet content provider Beaglee.
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
LPs see decoupling as bigger issue than delisting - AVCJ Forum
The long-term implications of US-China decoupling are of greater concern than the prospect of Chinese companies being forced to delist from US stock exchanges, LPs told the AVCJ China Forum.
Blackstone makes $253m part-exit from India's Essel Propack
The Blackstone Group has made a partial exit from Indian packaging manufacturer Essel Propack (EPL) – which provides the tubes to 40% of the world’s toothpaste – generating proceeds of INR18.6 billion ($253.4 million).
Bain's Asia data center platform seeks US listing
Chindata Group Holdings, which claims to be the largest player in emerging markets Asia’s carrier-neutral hyperscale data center industry in terms of capacity in service, has filed for an IPO.
PAG exits Young Toys to Korean strategic buyer
PAG Asia Capital has sold Young Toys, a South Korea-based toy manufacturer it has owned since 2015, to a consortium led by MiraeN Group, a leading local publisher.
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).
GPs sell Wall Street English China business back to founder
Baring Private Equity Asia and CITIC Capital have sold the China-based assets of English language training provider Wall Street English (WSE) back to the original founder after COVID-19 called into question the business model.
Ex-L Catterton Asia head Ravi Thakran launches SPAC
Ravi Thakran, formerly head of L Catterton’s Asia operation, has launched a US-listed special purpose acquisition company (SPAC) to pursue aspirational consumer brands.
CVC to exit Softex Indonesia with 3.3x return - update
CVC Capital Partners will exit personal care products manufacturer Softex Indonesia after US multinational Kimberly-Clark agreed to acquire the business for approximately $1.2 billion.
Deal focus: Creador scores as India pharma heats up
Creador's $34 million investment in packaging supplier Shriji Polymers represents an indirect bet on India's growing pharmaceutical industry. Product development and capacity expansion are priorities
Affirma to exit Korea waste management business
Affirma Capital – formerly Standard Chartered Private Equity – has agreed to sell EMC Holdings, a South Korea-based waste and wastewater treatment business, to a unit of local conglomerate SK Corporation.
Macro, geopolitical concerns not deterring China exits
Private equity investors are seeing significant IPO and exit activity out of China despite macroeconomic and geopolitical uncertainty arising from COVID-19 and China-US tensions, respectively.