Exit
Temasek, Bain in race for TPG's Shriram Transport stake - report
Temasek Holdings, Bain Capital and Piramal Group, a conglomerate run by Ajay Piramal, are reportedly leading the race to acquire TPG Capital's 20% stake in Shriram Transport Finance Corp (STFC), one of the leading commercial vehicle lenders in India.
China Baoxin Auto to buy PE-backed NCGA for $305m
Hong Kong-listed China Baoxin Auto has agreed to pay $305 million for NCGA Holdings, a Beijing-based high-end car dealership owned by the Citigroup, Apollo Global Management and Pangaea One.
CIC trims financials exposure with partial exit from BlackRock
China Investment Corporation (CIC) has exited most of its holding in asset manager BlackRock as part of a wider effort to reduce its exposure to international financial institutions.
Japan’s J-Star exits Iki Iki to Noritsu Koki Group
J-Star, the mid-market Japanese GP, has exited lifestyle marketing company Iki Iki to a subsidiary of Noritsu Koki Group. The transaction is expected to close on September 7.
India’s Kalyani Group to sell wind energy stake to PE – report
The Kalyani Group, the Indian industrial conglomerate, is reportedly in talks with private equity firms to sell a stake in its wind energy business, Kenersys. In addition to diluting Kalyani’s controlling interest, the deal would allow the partial exit...
Permira sells over half of its stake in Galaxy Entertainment
Permira has exited over half of its remaining stake in Hong Kong-listed Galaxy Entertainment Group for HK$5.855 billion ($755 million). The transaction involves a 6.65% stake in the company and the shareholdings of Permira funds have reduced to 5.95%...
Cerberus-backed Aozora unveils plan to repay bailout cash
Aozora Bank, the Japanese lender in which Cerberus Capital holds a large stake, has pledged to repay JPY227.6 billion ($2.9 billion) in bailout money received during Japan’s financial crisis. The sum will be repaid over a 10-year period ending before...
Permira acquires Unison’s stake in Akindo Sushiro for $1b
Permira, through its Ireland-based vehicle Consumer Equity Investments (CEIL), has acquired Unison Capital’s stake in Akindo Sushiro, a leading Japanese sushi restaurant. The deal values the company at $1 billion, including debt.
Archer Growth prepares for Cura Day exit – report
Archer Capital Growth is reportedly preparing to exit Cura Day Hospitals Group. The Australian GP helped found the company in 2008, having teamed up with a group of doctors and medical specialists who manage and work at its nationwide network of day hospitals.
Just Dial re-files for IPO, VCs plan partial exit
Just Dial, the Indian online listings provider, has filed for a domestic IPO that will see its venture capital investors exit a portion of their holdings. After an earlier attempt to list was shelved due to market uncertainty, the company completed a...
Goldman, KKR in talks with Chinese firm over Kion stake sale
Goldman Sachs and KKR are said to be in talks with Shandong Heavy Industry about selling a 25% stake in German forklift truck manufacturer Kion Group.
India eases rules on entrepreneurs’ post-IPO lock-up
India has altered rules concerning the lock-up on entrepreneurs’ shares post-IPO in order to make it easier for companies to list. This is expected to support companies that go through several stages of private equity funding.
Mekong exits toy maker Nam Hoa
Mekong Capital has completed the sale of its holding in Nam Hoa Production & Trading Corporation, a Vietnamese manufacturer of wooden toys for preschool children.
Clove sees 20x return on Philippines oil deal
The Philippines has long been perceived as a black hole for private equity. Clove Capital, which spun out from EMP Daiwa Capital Asia, begs to differ and now it has evidence to support its case: a 20x return on an investment in Philippines oil exploration...
Actis exits Dalmia Bharat Sugar & Industries - report
Actis is said to have exited its 5.5% stake in Dalmia Bharat Sugar & Industries - formerly Dalmia Cement Bharat - for INR82.7 million ($1.5 million).
PE exits in India down by 90% in second quarter - PwC
India private equity exits fell 89% year-on-year to just $108 million in the second quarter. This came from 12 transactions, down 33%, according to a report published by PricewaterhouseCoopers (PwC).
General Atlantic exits Infotech Enterprises for $36m
General Atlantic Partners – through its entity GA Global Investments – has sold 11.7 million shares, or a 10.48% stake, in Infotech Enterprises to Cyprus-based company Gagil FDI for INR2.01 billion ($36.2 million).
Mengniu in talks to buy KKR-backed Modern Dairy - report
Hong Kong-listed China Mengniu Dairy, the country’s largest dairy producer, has reportedly held talks to acquire China Modern Dairy, the raw milk supplier in which KKR Asia Fund owns 24%.
Clove Capital achieves over 20x from Energy Best exit
Clove Capital has achieved a cash multiple of more than 20x through its divestment of Philippines-based oil company Energy Best to Peak Oil and Gas, a wholly-owned subsidiary of ASX-listed Raisama Energy.
Baring, ICICI Venture plan Karvy exit – report
Baring Private Equity Asia and ICICI Venture Funds Management, the private equity arm of India’s ICICI Bank, are reportedly in talks to sell their 31% stake in Karvy Stock Broking (KSBL).
Australia’s Gresham PE in $180m Witchery Group exit
Gresham Private Equity has agreed to sell fashion retailer Witchery Group to Country Road for A$172 million ($180.2 million). The deal will see Witchery CEO Ian Nairn replace Howard Goldberg as head of Country Road, which is majority-owned by South Africa’s...
CVC, SCPE generate quick return on Infastech
A swift trade sale exit was always likely for Asia-based fastener manufacturer Infastech. Not long after CVC Capital Partners and Standard Chartered Private Equity (SCPE) acquired the asset in 2010, strategic investors started showing an interest.
Navis exits Indonesia education business to Pearson
Navis Capital Partners has exited the Indonesian arm of English-language education business Wall Street Institute (WSI) to Pearson. The global publishing and education company is paying $16.3 million for the asset, which represents a 10x return for Navis.
Korea’s Woori sale fails yet again as no bidders materialize
The South Korean government’s latest attempt to exit its controlling stake in Woori Finance Holdings has failed after no one submitted a preliminary bid. The country’s financial regulator subsequently said “it would be difficult to mount another...