Exits
Deal focus: Inspiration snares rare China mid-cap tech buyout
Antute, a third-party IT maintenance provider, became an orphan asset following a larger M&A deal. Inspiration Capital Partners sees it as an attractive play on China’s digitalisation drive
Korean GP Credian sponsors $200m US SPAC offering
Seoul-based private equity firm Credian Partners has teamed up with CrystalBioSciences, a captive VC unit of biopharmaceutical company CrystalGenomics, to raise USD 200m for a US-listed special purpose acquisition company (SPAC).
China's VC-backed Perfect Corp agrees $1bn SPAC merger
Perfect Corp, a Chinese software developer specialising in artificial intelligence (AI) and augmented reality (AR) solutions that allow consumers to experience brands, has agreed to merge with a US-listed special purpose acquisition company (SPAC) at...
AVCJ Awards 2021: Exit of the Year – IPO: Zomato
Zomato’s milestone offering last year saw a pandemic-ready business model awaken the local market to internet-based risk profiles as global investors shifted interest from China to India
AVCJ Awards 2021: Exit of the Year – Small Cap; Operational Value Add: Integreon
Helping Integreon, an over-diversified outsourcing services company, re-focus and renew management was all part of the plan. Postponing the exit as COVID-19 amplified demand was the unexpected coup
Baring Asia completes $386m recap of CitiusTech
Baring Private Equity Asia (BPEA) has completed a USD 385.9m dividend recap and refinancing of loans tied to its 2019 acquisition of India-based healthcare IT services business CitiusTech.
PEP targets $1b for second Australia secure assets fund
Australia’s Pacific Equity Partners (PEP) is preparing to launch its second secured assets with an AUD 1bn (USD 724m) target while planning to spin out one of the top-performing Fund I investments into a single-asset continuation vehicle.
Deal focus: Freight player G7 eyes public listing
Having expanded its business scope from hardware into software and financial services, G7 Network is positioning its recent USD 200m PE investment as a pre-IPO round
AVCJ Awards 2021: Exit of the Year – Large Cap: Softex Indonesia
CVC Capital Partners helped Softex Indonesia grow its market share by penetrating modern retail channels and launching an ESG program. A USD 1.2bn trade sale exit to Kimberly-Clark was its reward
AVCJ Awards 2021: Operational Value Add: Best & Less Group
Allegro Funds plucked Australian baby and kids retailer Best & Less from its underperforming parent and defied pandemic-related uncertainty to complete a turnaround that culminated in an IPO
Navis poised for 6x return on TES-Envirocorp
Navis Capital Partners is set to generate a 6x return on its investment in Singapore-based TES-Enivrocorp, following an agreement to sell the environmental services provider to Korea’s SK Ecoplant at a valuation of USD 1bn.
Hong Kong game developer 6Waves bought by European strategic
6Waves, a Hong Kong-based mobile game developer that previously received funding from Insight Partners, has been acquired by Swedish gaming studio Stillfront Group for USD 201m, comprising cash and shares.
Blackstone buys majority stake in Indian wealth manager
The Blackstone Group has acquired a majority stake in Indian wealth manager Ask Investment Managers, taking out positions held by Advent International and other investors.
AVCJ Awards 2021: Exit of the Year – Mid Cap: Infogain
ChrysCapital has realized its largest-ever exit from a single-fund investment with IT services provider Infogain. In the process, it opened one of private equity’s richest cross-border opportunity sets
AVCJ Awards 2021: Firm of the Year – Large Cap: Baring Private Equity Asia
Baring Private Equity Asia claims that a thematic approach to origination and flexibility on deal structure allow it to pursue opportunities with greater conviction in a high-valuation environment
India logistics player Xpressbees raises $300m
The Blackstone Group, TPG Capital, and ChrysCapital Partners have participated in a USD 300m round for Xpressbees, an Indian logistics start-up established by the team behind mother-and-baby retailer FirstCry.
India's Kedaara creates digital services platform
India’s Kedaara Capital is forming an outsourced digital services platform through the merger of Gavs Technologies and Great Software Laboratory (GS Lab), having acquired majority interests in the two companies over the past three months.
LionRock launches Hong Kong SPAC
LionRock Capital, an Asian private equity firm that invests in global consumer brands with a China growth angle, is among the first group of sponsors launching special purpose acquisition companies (SPACs) in Hong Kong.
Nestle buys into DCP-backed plant-based protein provider
Orgain, a US plant-based nutrition business backed by China’s DCP Capital Partners, has agreed to sell a majority stake to Nestle. The size of the transaction was not disclosed.
Sinovation's AI solutions business completes $151m HK IPO
AInnovation, a China-based artificial intelligence (AI) solutions provider incubated by Sinovation Ventures, traded down on its Hong Kong debut following a HKD 1.18bn (USD 151m）IPO.
PE-backed Country Style Cooking, Tuhu file for HK listings
Chinese restaurant chain Country Style Cooking (CSC), which was de-listed in the US in 2015, and automotive after-sales service platform Tuhu, which was previously targeting a New York offering, have both filed for IPOs in Hong Kong.
CVC moves to exit Indonesia's Link Net, buys Malaysia's Affin Hwang
CVC Capital Partners is shaking up its Southeast Asia portfolio with a renewed attempt to exit Indonesian broadband and cable TV provider Link Net and the acquisition of Malaysia-based asset manager Affin Hwang Asset Management.
EQT exits Hong Kong ESG business Elevate
EQT has sold Elevate, a Hong Kong-based environment, social, and governance (ESG) and supply chain services provider it has backed since 2016, to LRQA, a larger peer in the assurance space.
China IPOs: Offshore angst
Private equity exit timelines were thrown into disarray last year when US IPOs abruptly stopped. Regulators have offered some clarity, but investors are unsure when – or if – the magic will return
