Industrials
Korea launches fund class to support overseas contractors
South Korea plans to launch specialist private equity funds as a means of encouraging financial institutions to support local firms competing for overseas construction contracts. The government hopes that $8.6 billion can be raised through these funds...
Longreach completes precision drilling carve-out from Hitachi
North Asia mid-market buyout firm The Longreach Group has agreed to buy precision drilling business Hitachi Via Mechanics (HVM) from Japanese conglomerate Hitachi. It is said to be the first time Hitachi has divested a sizable asset to private equity...
Phillip Capital takes stake in Indonesian equipment finance business
Singapore-based Phillip Capital Group has acquired a 9.71% stake in Intan Baruprana Finance (IBF), the financing arm of Indonesian heavy equipment distributor Intraco Penta, through a rights issue. Transaction value was not disclosed.
IMM, Mirae forge POSCO steel investment
POSCO Specialty Steel (PSS) CAME into being 1997 when steelmaker POSCO bought most of manufacturing facilities of Sammi Specialty Steel, one of a host of Korean corporates struggling to service its debts in the midst of a credit crisis.
Unitas, CCMP set for 3.5x return as Atlas Copco buys Edwards for $1.6b
Unitas Capital will make up to 3.5x its money on Edwards Group after Sweden’s Atlas Copco agreed to buy the specialist vacuum products developer for approximately $1.6 billion, including debt. Unitas and CCMP Capital have owned the business since 2007...
Singapore’s Temasek exits Cheniere Energy
Temasek Holdings has halved its stake in Cheniere Energy, taking advantage of a spike in the US liquefied natural gas (LNG) company’s shares. The Singapore fund sold 9.2 million shares in the second quarter of 2013 at a valuation of $257 million.
Korea's IMM, Mirae invest $224m in POSCO Specialty Steel
IMM Private Equity and Mirae Asset Private Equity have together invested KRW250 billion ($223.6 million) for a 24% stake in POSCO Specialty Steel (POSCO SS), an affiliate of national steelmaker POSCO. POSCO SS abandoned an IPO effort in December – set...
Clearlake backs Futuris to buck downturn
The A$200 million ($178 million) state bailout for Australia's auto industry comes after years of decline in manufacturing. Industry production numbers are the lowest since 1957. Toyota and General Motors (GM) have scaled back production amid export pressure...
Mandarin Capital exits Italian valve component maker
Sino-European PE firm Mandarin Capital Partners has exited its 70% stake in Italian valves’ components producer Gasket International to Hutchinson, a French thermoplastics company. The Girelli family that founded the business has also sold its 30% shareholding....
Clearlake Capital buys Australia-based auto interiors firm
Clearlake Capital Group, the Los Angeles-headquartered PE firm, has made its first investment in Australia, buying Elders’ automotive business for A$69 million ($62 million), including debt. The divestment allows Elders to become a pure-play rural and...
China Molybdenum beats strategics, PE to Rio Tinto copper mine stake
China Molybdenum (CMOC) has fought off competition from PE and strategic investors to acquire an 80% stake in Rio Tinto's Northparkes copper mine in Australia for $820 million.
Accel leads $6m investment in India B2B group buy platform
Accel Partners and return backers Kalaari Capital and Inventus Capital have put $6 million into group buying website Power2SME, in a Series B round for the company.
Actis to buy India lighting business from Halonix
Actis is set to buy the loss-making general lighting division of its portfolio company Halonix, a manufacturer of compact fluorescent lamps for general lighting and halogen lamps for automotives.
Standard Chartered, IL&FS-backed Ramky Enviro in Australian acquisition
Ramky Enviro Engineers (REEL), an Indian waste management company backed by Standard Chartered and IL&FS Investment Managers, has agreed to acquire Australian environmental engineering and petrochemical services provider Enviropacific Services .
First Reserve-backed KrisEnergy jumps 5% on Singapore debut
KrisEnergy, the Southeast Asia-focused oil and gas exploration and production (E&P) company which counts First Reserve among its investors, rose 5% on its trading debut in Singapore on Friday. The stock closed at S$1.155 after reaching an intra-day high...
IL&FS exits machine tool manufacturer for 2.91x return
IL&FS Investment Managers' Leverage India Fund (LIF) has exited its 19.3% stake in Bharat Fritz Werner (BFW), a tool manufacturing company, for INR711.9 million ($11.8 million). It has generated an IRR of 15% and a multiple of 2.91x on its INR245 million...
First Reserve-backed KrisEnergy to raise $213m in IPO
Southeast Asia oil and gas exploration and production (E&P) company KrisEnergy, which counts First Reserve among its investors, is expected to raise S$270.8 million ($213 million) through its Singapore IPO.
J-Star, supply chain fund back Tokai Trim
Japanese mid-cap buyout firm J-Star has joined the Supply Chain Support Fund (SCSF) - a vehicle backed Japan Auto Parts Industries Association and Development Bank of Japan (DBJ) - in investing around JPY1-2billion ($10-20 million) in auto parts firm...
Zhejiang ZF invests in Canada's Empire Industries
Zhejiang ZF investment (ZZG) has invested in Empire Industries - a steel fabrication company in Canada - via a $3m private placement.
Indonesia mining: Swimming with sharks
Indonesia is resource rich and its mining sector is coveted by many foreign investors. But regulatory and legal uncertainty, plus concerns about local partners, is compelling them to sit on the sidelines
Southeast Asia oil and gas: Going solo
The relative scarcity of independent oil and gas exploration and production firms in Southeast Asia doesn’t reflect the region’s wealth of natural resources opportunities. Private equity firms are catching on
Southeast Asia’s unloved
Southeast Asia is in vogue, seen by many as an increasingly credible alternative to China and India. Indonesia, as the region’s only market of scale, has naturally attracted the most interest. Virtually every regional and global private equity firm...
CVCI invests $56m in Indian automotive parts maker
Citi Venture Capital International (CVCI) has invested INR3.4 billion ($56.48 million) in automotive and aerospace component maker Sansera Engineering for a “substantial” stake, the firm said.
China’s Sailing Capital supports $400m round for Mobileye
China’s Sailing Capital participated in a $400 million round of funding round for Mobileye, a Netherlands-based operator of driver assistance systems, valuing the company at about $1.5 billion. It is one of five investors that will between them own...