Exits
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.
China GPs must double down on operational skills - McKinsey
Private equity investors in China must develop new operational capabilities to deliver returns because they can no longer rely on macroeconomic tailwinds to drive growth, according to McKinsey & Company.
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.
Ekuinas exits Malaysia halal meats business
Malaysian government-backed private equity firm Ekuinas has sold Primabaguz, a local producer of premium halal meat-based products, to US-based Johnsonville International for MYR175 million ($42 million).
China's Xpeng raises $1.5b in US IPO, soars on debut
Chinese electric vehicle manufacturer Xpeng – which has a string of PE and VC investors – gained 41% on its New York trading debut after raising $1.5 billion in an upsized IPO.
PE-backed Kalyan Jewellers files for $235m IPO
Indian jewelry retailer Kalyan Jewellers, which counts Warburg Pincus among its investors, is looking to raise INR17.5 billion ($235.7 million) through a domestic IPO.
PE-backed Ant Group files for Hong Kong, Shanghai IPO
Ant Group, the financial technology affiliate of China’s Alibaba Group, which has raised more than $20 billion in external private funding, has filed for a dual listing in Hong Kong and Shanghai.
China expands registration-based IPO system to ChiNext
Registration-based IPOs - which rely on information disclosures rather than regulatory approvals - have arrived on Shenzhen's ChiNext board following a successful trial on the Shanghai Star Market.
Carlyle exits Korean garment manufacturer
The Carlyle Group has agreed to sell its majority stake in Korean apparel manufacturer Yakjin Trading Corporation to domestic fashion giant JS Corporation for around KRW14.3 billion ($12 million).
Japan's ACA exits aged care business
Tokyo-listed healthcare provider Solasto will acquire 100% of Japan Elderly Care Service for JPY2.3 billion ($22 million), providing an exit for local private equity firm ACA Investments.