Exits
2Q analysis: All about Japan
Japan’s middle-market in fundraising flurry; Toshiba fails to make the second-quarter cut, but Asia buyouts still boom; public markets, particularly in Japan, deliver strong exits as trade sales stutter
India's PE-backed Khadim files for IPO
Indian footwear retailer Khadim India has filed for an IPO that will provide a full exit for its PE backer Fairwinds Private Equity.
Quadrant to exit Australia's Zip Industries via trade sale
Quadrant Private Equity has sold Zip Industries, an Australia-based manufacturer of drinking water appliances, to global water treatment specialist Culligan International for an undisclosed sum.
Carlyle-backed Tencent ebook unit files for Hong Kong IPO
China Literature, the ebook unit of China’s Tencent Holdings whose backers include The Carlyle Group and Trustbridge Partners, has filed for an IPO in Hong Kong.
VIG pays $127m for majority stake in Korean skincare player
VIG Partners has agreed to buy a 73% stake in Press & Converting, a Korea-based manufacturer of facial masks primarily used for skincare, in a deal worth KRW146 billion ($127 million).
Q&A: BDA's Paul DiGiacomo
Paul DiGiacomo, a managing director with Asia-focused advisory firm BDA Partners, discusses the latest trends in M&A, from increasingly sophisticated Chinese buyers to more willing multinational sellers
Singapore's GIC buys 30% stake in Mergermarket
Singapore’s GIC Private has acquired an approximately 30% stake in Mergermarket Group – AVCJ’s parent company – from BC Partners. The size of the transaction was not disclosed.
VC-backed gaming company Razer files for Hong Kong IPO
Razer, a manufacturer of gaming peripherals such as headphones, joypads and mice, has filed for a Hong Kong IPO. The company, which was co-founded by a Singaporean but is based in the US, has numerous venture capital backers.
Rocket, Kinnevik exit as Alibaba pumps $1b into Lazada
Alibaba Group will invest about $1 billion to take its stake in Southeast Asia-based e-commerce platform Lazada from 51% to 83%, enabling investors including Rocket Internet and AB Kinnevik to make a full exit.
Blackstone exits Indian newspaper publisher
The Blackstone Group has exited its entire stake in Jagran Media Network, the holding company of Indian newspaper publisher and media platform Jagran Prakashan.
Sequoia-backed Prataap refiles for India IPO
Prataap Snacks, an India-based snacks maker backed by Sequoia Capital, has refiled for an IPO following a change in its shareholding structure.
Zombie start-ups: On the same side
Zombie companies present a special challenge for VC investors, whose exit goals may not match the aims of the founders. Successful GPs will try to ensure a positive experience for all parties
PE-backed Chinese logistics player files for US IPO
Best Inc, a Chinese logistics operator backed by Alibaba Group and a string of private equity investors, has filed for a US IPO. No details have been given as to the size and pricing of the offering.
Shaw Kwei completes exit from China's YongLe with 4.8x return
Shaw Kwei & Partners has completed its exit from Chinese PVC adhesive tape manufacturer YongLe Tape – securing a gross multiple of 4.8x – as Avery Dennison purchased the asset for a total consideration of $300 million.
Creditors take control of PE-owned Gerard Lighting
A creditor consortium led by Investec and Bain Capital Credit (BCC) has assumed full control of Gerard Lighting, an Australian light fittings distributor owned by CHAMP Private Equity.
PE-backed IEX files for India IPO
Online energy trading platform India Energy Exchange (IEX) has filed for an IPO, providing a partial exit for several private equity backers.
MBK completes exit from Japan's Komeda with 5x return - update
MBK Partners has sold the remainder of its stake in Japan-based coffee shop chain Komeda Holdings JPY24.3 billion ($217 million), securing a 5x return on the overall investment.
CITIC Capital, FountainVest to exit China's Focus Media
CITIC Capital Partners and FountainVest Partners plan to exit their entire stakes in Focus Media - the Chinese outdoor advertising business they helped take private in the US and then re-list in Shenzhen two years ago - within six months.
Nippon Mirai to sell Takasago stake back to NEC
Japanese GP Nippon Mirai Capital has agreed to sell its entire 51% stake in Takasago Machinery, an electronic equipment manufacturer, to its previous owner NEC Corporation for an undisclosed sum.
Bain continues to trim holding in Japan's Skylark
Bain Capital has made its second partial exit in three months from Japanese restaurant operator Skylark, receiving JPY41.6 billion ($373.6 million) and reducing its stake to approximately 15%.
Warburg Pincus to invest $360m in Tata Technologies
Warburg Pincus has agreed to invest $360 million in Tata Technologies, the engineering outsourcing and product development IT services arm of Indian conglomerate Tata Group.
Q&A: Unison Capital's Tatsuo Kawasaki
Tatsuo Kawasaki, co-founder and partner at Unison Capital, discusses why deal flow is growing in Japan’s middle market – not only in terms of volume, but also in seller type and sector scope
PE-backed WuXi Biologics completes Hong Kong re-listing
WuXi Biologics, a Chinese contract R&D services provider to the global pharmaceutical industry that was taken private by a PE-backed consortium in late 2015, gained 38% on its Hong Kong trading debut following a HK$3.97 billion ($510 million) IPO.
Baring Asia to exit Japan's Joyful Honda
Baring Private Equity Asia will sell its minority stake in Joyful Honda, a Japan-based home improvement center operator, for JPY56.6 billion ($513 million) through participation in a tender offer launched by the company.