Trade sale
Asia fundraising frustrates in first half of 2023
Asia PE fundraising reached USD 60.3bn in the first half of 2023, down 7.6% year-on-year, but the total was still skewed upwards by activity in the renminbi-denominated space. Capital committed to US dollar funds alone was USD 21.8bn, down from USD 48.2bn.
Glenwood takes legal action over disputed Korea transaction
An arbitration proceeding has been initiated in Singapore regarding a dispute between Glenwood Private Equity and BPEA EQT over the failed sale of Korea-based industrial films producer PI Advanced Materials.
Creature comforts: Why PE likes pet care
Private equity investors have long championed the resilient characteristics of pet care globally. The pandemic helped solidify a similar value proposition in Asia
2Q analysis: Still scrambling
State-supported deals prop up Asia private equity investment; GPs hustle for liquidity in an unforgiving exit landscape; ex-China mid-market players gain some traction in fundraising
Glenwood sells Korean films business to French strategic
Glenwood Private Equity has sold its majority stake in Korea-based industrial films producer PI Advanced Materials to France-headquartered Arkema for an enterprise value of EUR 728m (USD 817m) – six months after BPEA EQT pulled out of a deal to buy...
Quadria to exit Vietnam's FV Hospital via $381m trade sale
Quadria Capital is set to exit Vietnam’s FV Hospital after a strategic buyer agreed to a USD 381.4m acquisition touted as the largest ever healthcare transaction in Vietnam.
Deal focus: COPE moves fast with Malaysia petfood play
Recognising a local champion in a pandemic-proof category, COPE Private Equity flipped a significant minority stake in Malaysian petfood maker Pet World in just over two years
Multiples leads $145m round for India's Veritas Finance
Veritas Finance, an Indian non-banking finance company (NBFC) that issues loans to micro, small and medium-sized enterprises (MSMEs), has raised INR 12bn (USD 145m) in funding led by Multiples Alternate Asset Management.
Japan M&A: Go digital, go global
Panasonic moved from hardware to software with the acquisition of Blue Yonder, a path that other Japanese corporates are expected to follow. PE investors can sell to them or work with them
Meituan to buy Chinese AGI player Light Year
Listed Chinese consumer technology platform Meituan has agreed to acquire 100% of Light Year, a VC-backed local artificial general intelligence (AGI) business, for USD 284.3m.
Creador buys 40% stake in Malaysia's Pet World, COPE exits
Malaysia-based Creador has acquired a 40% stake in prominent local pet food maker and brand owner Pet World, setting up an exit for COPE Private Equity.
Japan's Integral buys UPT from Advantage, sells BTC to Capgemini
Japanese middle market private equity firm Integral Corporation has acquired United Precision Technologies (UPT), which supplies components used in smart devices, from Advantage Partners and sold IT consulting business BTC to Capgemini.
KKR sells minority stake in Japan's Kokusai to QIA
KKR has made a partial exit from Kokusai Electric, a Japan-based semiconductor industry supplier, through the sale of a minority stake to Qatar Investment Authority (QIA).
Australia's Wesfarmers buys VC-backed Instascripts for $91m
InstantScripts, an Australia-based telehealth business backed by listed VC firm Bailador Technology Investments, has agreed to be acquired by Wesfarmers for approximately AUD 135m (USD 91m).
Deal focus: Allegro reheats the pie
Allegro Funds has exited Pizza Hut Australia to a US trade buyer, having won over a franchisee network that had turned on Yum Brands, upgraded the digital offering, and doubled network sales
Japan buyouts: Bucking the trend
Japan remains a private equity hotspot despite muted buyout activity elsewhere in Asia. Take-private and sponsor-to-sponsor opportunities make for a more textured local market
Australia's PE-backed Silk Laser set for take-private
Australia-listed Silk Laser Clinics, a non-surgical aesthetics business backed by local PE firm Advent Partners, has signalled it intends to accept a take-private offer from Hong Kong’s EC Healthcare.
India home rentals platform NestAway acquired by strategic player
Aurum PropTech, a listed Indian property technology provider, has acquired NestAway, a home rentals platform that previously received several rounds of private funding, for INR 900m (USD 11m).
VC investors primed for exit with China Youzan reorganisation
Hillhouse Capital and Matrix Partners China are set for liquidity events after China Youzan, an e-commerce software-as-a-service (SaaS) business listed in Hong Kong, agreed to take full control of its key subsidiary for HKD 2.6bn (USD 334.5m).
Blackstone buys jewellery certification business, China's Fosun exits
The Blackstone Group has paid USD 569.7m for 100% of Belgium-headquartered jewellery certification business International Gemological Institute (IGI), taking out investors including China’s Fosun Group.
CPE sells Australia used car business to Japan's Sojitz
CPE Capital has sold part of Dutton Group, an Australia-based used car dealer it has owned since 2016, to Japan’s Sojitz Corporation for an undisclosed sum.
Apax invests $450m in India’s IBS Software, Blackstone exits
Apax Partners has agreed to pay USD 450m for a significant minority stake in India’s IBS Software, a travel and logistics industry supplier, enabling an exit for The Blackstone Group.
CLSA exits Japan parking lot operator to Advantage
CLSA Capital Partners (CLSA CP) has agreed to sell Japanese coin-operated parking lot business Ecolocity to Advantage Partners for an undisclosed sum.
Q&A: ShawKwei & Partners’ Kyle Shaw
Kyle Shaw, founder and managing partner of ShawKwei & Partners, on bright spots in industrial manufacturing and becoming more Southeast Asia-centric as supply chains reduce China exposure