The global investment banking advisor for Asia
The global investment banking advisor for Asia September 2021 Experts in Asian M&A
The global investment banking advisor for Asia 2021 marks 25 years of providing high-quality M&A advice
Where we are Key facts
We deliver global coverage for our clients from BDA’s own platform #1 Cross-border Asian sellside M&A advisor London 1996 Founded and led since then by the same team New York Seoul Shanghai Tokyo Bankers across three continents Hong Kong 100 Mumbai Ho Chi Minh City Singapore 9 Offices globally
2 Strategic partners
Our services How we are organized
We provide M&A advisory services for:
Divestitures Acquisitions Capital raisings Chemicals Consumer Healthcare & Retail
Debt advisory & restructuring transactions Valuations
Industrials Services Technology
1 On the ground, with local relationships
BDA Partners is #1 for Asian cross-border private sellside M&A No other firm has built the same scale, focus, connectivity and deal flow in Asia
Private, cross-border Asian sellside transactions up to US$1bn EV of last five years (2016–2020) Highlights
Rank Advisor # of Deals 80% of transactions involved either the sale/acquisition of an Asian asset, an Asian buyer or an Asian seller 1 34 80% of M&A transactions with BDA as sellside advisor
2 32 75% of M&A transactions were cross-border
3 31 60% of sale to a strategic buyer vs 40% of sale to financial sponsors
4 27 Long-established Asian presence
5 26 Coverage across Asia 60+ bankers in Asia 6 25 7 countries Seoul 2002 Tokyo 25 years of relationship- Shanghai 2002 1998 7 24 building Hong Kong 2000 8 22 Mumbai 2005 Ho Chi Minh City 2014 9 21 Singapore We reach Asian buyers 1996 10 19 120+ assets sold to Asian buyers 20,000+ calls made to Asian buyers 600+ transactions with Asian participation
Note: (1) Target headquartered in China, India, Japan, Korea or Southeast Asia; Control transactions: i.e. a majority stake sold or acquired | Sources: Dealogic 2 Worldwide reach in the middle market
A recognized global M&A platform Cross-border excellence
Experts in cross-border M&A Regularly honored as a top investment banking advisor
2020
Investment Banking Firm of the Year Divested 100% stake to Divested 100% stake to Agreed to be acquired by Cross-Border Deal of the Year
2019
Cross-border Investment Bank of the Year
2021 2021 2021 Corporate Deal of the Year
Investment Banking Firm of the Year 2018
Divested China phenolic resins Divested Compart Systems to Divested majority stake to Divestiture Deal of the Year (>US$100m) plant to Telecommunications Services Deal of the Year
Cross-Border Deal of the Year (US$10m-US$25m)
2021 2020 2020 Cross-Border Boutique M&A Investment Banker Firm Award
2017
Investment Bank of the Year Acquired 100% of EMC Divested Thinh Phat Cables and Divested Asian electronic Holdings from Dong Viet to cleaning chemicals business to Investment Bank of the Year
Transaction of the Year (£100m-£500m)
Consumer Discretionary Deal of the Year for the sale of AnaJet to 2020 2020 2020 Ricoh
3 One team,globally
A global senior team, interacting seamlessly with our clients and each other As an M&A-focused boutique, senior bankers globally work as one team
Regional senior bankers speaking with local buyers and targets
North America Europe India Korea
Euan Rellie Alex Ditchfield Charlie Maynard Jonathan Aiken Sanjay Singh Kumar Mahtani Manoj Balwani Howard Lee Victor Chang Managing Partner Director Non-Executive Chairman Managing Director Managing Director Managing Director Managing Director Partner Managing Director
Southeast Asia
Andrew Huntley Paul DiGiacomo Simon Kavanagh Mark Webster Lars Freitag Huong Trinh Rica Wirianata Anindita Das Jakub Widzyk Managing Partner Managing Partner Partner Partner Managing Director Managing Director Managing Director Director Director (Asia/Europe)
Greater China
Anthony Siu Jeffrey Wang Karen Cheung Vivian Ren Dorothy Cai Lilian Gu Jason Song Partner Partner Managing Director Managing Director Director Director Director Japan
Jeff Acton Hideyuki Tozawa Koichiro Yasuda Shinya Kimura Toshiaki Yokohara Partner Managing Director Chairman Director Director
4 Extensive sector expertise
We are committed to six sectors
Delivering valuable, real-time transactional insights to clients
Our global teams are organized around six dedicated sectors, building knowledge and sharing perspectives across global markets, supported by continuous deal flow in each sector
We maintain an extensive network of senior-level relationships with financial sponsors, publicly listed corporates and private companies within our sectors to deliver valuable, real-time transactional insights to our clients
Deep industry knowledge
Chemicals Consumer & Retail Health Industrials Services Technology
Digital media Coatings Apparel & Biotech Aftermarket Business services and outsourcing Information Electronic accessories Medical tech Auto components Facility Software Materials Cosmetics Pharma Building materials management Systems Petrochemicals Food & beverage Services Electronics Recycling & waste integrators & BPO Plastics Food chains Flow control management (Business Process Specialty & fine Food services Outsourcing) Machinery chemicals Testing, inspection Jewelry Packaging & certification Luxury goods Printing Transportation & logistics
5 Our experience is a competitive advantage
Expertise on the sellside We are among the most active sellside advisors in Asia. We draw on that experience to drive sellside processes that maximize value and certainty
Processes that clear the market globally
Positioning for value maximization Thoughtfully designed and well-run processes Global buyer outreach
Positioning businesses for sale and spike valuation Tailored, creative and thoughtfully constructed Senior bankers drive buyer identification outreach processes Positioning led by senior sector bankers from Our reach clears the market globally for our clients process initiation, supported by our proprietary Best-in-class transaction execution insight into private market M&A valuations in Asia and worldwide Customized to industry and asset
Selected BDA exits Premium advice and execution
Divested Amazon Divested majority Divested Hyosung Divested 100% stake Agreed to be acquired Divested 100% stake Papyrus to stake in STS Group to Capital to to by to
The Longreach group Adler Pelzer Group ST Leaders Private BWT Mindray CareCapital 60% Strategic buyers Equity 2021 2021 2020 2021 2021 2020 40% 60% 40% Financial sponsors
Divested Compart Divested Escientia Life Divested a 100% stake Divested Thinh Phat Divested Asian Divested a 70% stake Systems to Sciences to in Young Toys to Cables and Dong Viet electronic cleaning to to chemicals business to Deccan Fine Shanghai Wanye MiraeN Group Stark Corporation Nippon Kayaku Affirma Capital Chemicals 2020 2020 2020 2020 2020 2019
6 Intelligent acquisition support
Dedication to buyside M&A We assist our clients to identify and conclude cross-border transactions efficiently and on optimal terms
Target qualification Acquisition execution
Persistent and persuasive in our pursuit of potential sellers for our clients Highly experienced in assessing, structuring and negotiating transactions
Identifying targets based Engaging with targets Thorough due diligence Valuation and pro-forma Price and SPA Positioning our client on clients’ criteria and building deal interest and process management synergy analysis negotiation
BDA buyside engagements
Acquired roller coaster Agreed to acquire 75% of Acquired Chinese food Acquired Acquired manufacturer, Vekoma Rides Acquired ingredients company
Rich Graviss Tianning Flavours
2020 2020 2018 2017 2017 2016
7 Credibility with financial sponsors
A valuable resource for financial sponsors Dedicated coverage team generating proprietary deal flow and exits
Financial sponsor portfolio company exits The majority of BDA deals have financial sponsor involvement Divested 20% stake to Divested Amazon Divested majority Divested 100% stake Divested 100% stake Divested CSS Corp Papyrus to stake in STS Group to to to
Kyushu Electric The Longreach group Adler Pelzer Group EagleTree Capital Escalent
2021 2021 2021 2021 2021 2021
Divested 100% stake Divested Compart Divested Escientia Life Divested a 100% stake Divested Epolin Divested significant to Systems to Sciences to in Young Toys to Chemicals to stake in Kehua Bio- Engineering to 60% Deccan Fine CareCapital Shanghai Wanye MiraeN Group Chroma Color Chemicals Gree Real Estate 2020 2020 2020 2020 2020 2020
High-volume, high-quality deal flow Deals since 2016 with financial sponsors as client and/or buyer/investor
Divested majority Divested Hyosung Acquired by Acquired EMC Series B capital raise Strategic partnership stake to Capital to Holdings from in China and Broadreach and investment by DCP Capital ST Leaders Private Cedar Capital Affirma Capital EverYi Capital Equity Partners 2021 2020 2020 2020 2020 2020
Divested a 70% stake Divested majority Divested Nagano Raised growth capital Raised growth capital Majority recapitalized to stake to Industried to from by
Affirma/SCPE The Longreach Group JAFCO Crescent Point Galen Partners
2019 2019 2018 2018 2017 2017
8 Credibility with financial sponsors
The annual BDA Private Equity Conference Dynamic event where an exclusive group of private equity investors meet outstanding private companies
Annual convene where blue-chip private equity investors meet outstanding private companies
Unique platform for outstanding private companies in the chemicals, consumer & retail, healthcare, industrials, services and technology sectors to build their profiles and network with leading PE investors
Exclusive opportunity for PE investors to hear introductory presentations by company founders or senior management, and to have one-to-one individualized access to them. This provides early exposure to companies that may explore a transaction in the medium term
BDA PE Conference 2020: connecting 28 companies to 200 high-level private equity investors representing over 60 firms
US$150bn of dry powder among investor attendees 200+ Leading PE professionals attending, from 70 firms 28 Company founders and CEOs presenting US$7bn Of enterprise value among presenting companies 200+ One-to-one meetings held on site
9 Repeat mandates with blue-chip clients
Trusted by industry leaders, again and again We have earned the trust of blue-chip corporate and financial clients, and been rewarded with long-term, repeat-client engagements
Strong relationships with blue-chip clients
Corporate clients Private equity clients
Multiple transactions with key sponsors
10 deals with Navis(1) 7 deals with CITIC Capital(1) 7 deals with Affirma Capital(1) 4 deals with NewQuest
Divested Amazon Divested Alliance Divested MFS Divested Nippon Oil Divested King Koil Acquired 100% of Divested a 70% stake Divested Integreon to Divested Grail Insights Papyrus to Cosmetics Group to Technology to Pump to China to EMC from to to
2021 2018 2018 2018 2016 2020 2019 2021 2021
Merged with Raised growth capital Divested Integreon to Divested Theodore Divested Hui Lau Shan Divested Tri-Wall Divested DeltaTech Divested Kolon Water Divested Halonix to from Alexander to to Holdings to Controls to & Energy to
2017 2016 2016 2016 2014 2016 2016 2016 2016
Note: (1) Lists the latest deals with the company 10 The global investment banking advisor for Asia
Transactions BDA transactions
Divested PCI Limited to Acquired NEC Energy Solutions Invested $150m in Growth capital raise Divested 20% stake in Al Dur Divested India business to from Power & Water to
2021 2021 2021 2021 2021 2021
Series D capital raise Divested Amazon Papyrus to Divested majority stake in STS Divested 100% stake to Divested 100% stake to Divested 100% stake to Group to
2021 2021 2021 2021 2021 2021
Divested 100% stake to Agreed to be acquired by Divested majority stake to Divested China phenolic resins Agreed to divest 70% stake to Divested CSS Corp plant to
2021 2021 2021 2021 2021 2021
Agreed to divest Couvet Raised Series B round from Divested 100% stake to Divested Compart Systems to Divested Inawisdom to Divested Hyosung Capital to Switzerland facility to
ST Leaders Private Equity
2021 2021 2020 2020 2020 2020
12 BDA transactions (cont’d)
Divested Sundance Mountain Divested Escientia to Series B capital raise Established a JV with Acquired EMC Holdings from Divested Young Toys to Resort to
2020 2020 2020 2020 2020 2020
Divested Epolin Chemicals to Divested significant stake in Strategic Partnership in China Acquired the outstanding 50% Divested ThiPha Cable and Divested Asian electronic and Investment by stake in its Indian JV, Rich Dovina to cleaning chemicals business to Graviss from Graviss India Kehua Bio-Engineering to Gree Real Estate
2020 2020 2020 2020 2020 2020
Divested controlling stake to Divested assets to Divested LAP Laser to Acquired by Divested a 70% stake to Divested majority stake to
2020 2019 2019 2019 2019 2019
Raised growth capital from Acquired by Divested Nagano Industry to Divested Chrysal International Agreed to divest Alliance Has been acquired by to Cosmetics Group to Mandom Corporation
2019 2019 2019 2019 2018 2018
13 The global investment banking advisor for Asia
Partnerships Global partnership Partnership with William Blair gives added global reach in the global middle market
Our reach into the US and Europe is extended by our shareholder, William Blair
Dedicated to Asia, with global reach Cross-border transactions
North America East Asia Not Disclosed Not Disclosed Not Disclosed Atlanta Europe Ho Chi Minh City Baltimore Hong Kong Amsterdam has been acquired by has been acquired by has been acquired by Boston Frankfurt Seoul Argand Partners Infosys Triton Charlotte London Shanghai Chicago Singapore Tel Aviv 2020 2020 2020 Los Angeles Zurich Tokyo New York San Francisco India Mumbai US$1,015,000,00 Not Disclosed 0 Advanced Ballistic Protection Business has been acquired by has been acquired by has been acquired by Australia Telus International Avon Rubber Nordic Capital Sydney 2020 2020 2020
A snapshot of William Blair – BDA Not Disclosed Not Disclosed Not Disclosed
Has sold its manufacturing has been acquired by has been acquired by facility in Anagni, Italy to Years ofequity M&A transactions Repeat clients in 9 partnership 150+ annually 60% 2020 Neste Corporation Ricoh Catalent 2020 2019 2019
Investment banking Cross-border Offices worldwide 23 500+ employees 30% deals(1) Not Disclosed US$429,000,000 CHF185,000,000
Years of Investment banking Average relationship has been acquired by has merged with has been acquired by 20+ #1 advisor(2) $250m transaction size Hangzhou Great Star OAT Agrio Aegis Global building Industrial Care 2018 2018 2018
(1) Statistics from January 1, 2016 to December 31, 2020 (2) Earned by William Blair for transactions under $2 billion with private equity involvement (MergerMarket data) 15 Partnership in Japan Partnership with DBJ furthers global reach and access to capital Our reach into Japan is extended by our shareholder and partner, DBJ
Development Bank of Japan is a 100% government-owned bank Notable transactions
US$150bn-balance sheet government bank Acquired shares Acquired equity Acquired shares
Deep well of capital available to support M&A Siphandone Ratch- Cutlass Solar Energy Fiji Lao 2021 2021 2021 Access to Japanese blue-chip CEOs
High-quality establishment
Divested an aircraft Acquired shares in Divested a port civil 1,000+ bankers across 19 offices in Japan related system Fujairah Power F3 engineering company business F3 O&M Global Wise Marubeni Oriental Shiraishi 100+ bankers across six offices in Asia 2021 2021 2021
Acquired shares of Business integration Acquired shares of
Photoron Nippon Engineering Cos.Mec S.r.l. Consultants
2021 2021 2020
Acquired shares of Divested KG Logistics Acquired shares of Kitanihon Kaiun to
Nippon Express Daio Logistics Leifeld Metal Spinning AG 2020 2020 2020
16 The global investment banking advisor for Asia
Management Management
Euan Rellie Andrew Huntley Paul DiGiacomo Managing Partner Managing Partner Managing Partner New York Asia / Europe SE Asia
Euan Rellie is a Managing Partner and co-founder of BDA, Andrew Huntley is a Managing Partner. Joining the founders Paul DiGiacomo is a Managing Partner. He joined BDA in 1997, based in New York. He is also President of BDA Advisors Inc, in 1998, he established and oversaw BDA’s early Asian offices and has lived in Asia since 2000. Mr. DiGiacomo founded and the firm’s SEC/FINRA registered broker-dealer. Since in Singapore, Shanghai and Hong Kong, co-managed BDA’s heads BDA's SE Asia practice, and oversees the teams in Hong founding BDA in 1996, he has lived in New York and London, New York office from 2002, and managed its London office Kong, Ho Chi Minh City, and Singapore. Mr. DiGiacomo has and Singapore, and has worked in China, Taiwan, Korea, from 2005 to 2018. He now has a pan-Asian role travelling advised clients on transactions in most Asian markets. He has Japan, India and across the Middle East. 1990-1996, he widely in Asia and Europe from his base in HCMC and also advised both blue chip corporate clients such as Arkema, worked for Schroders, the UK investment bank now part of oversees BDA’s global Healthcare sector. He has advised on Celestica, Ecolab, Jardine Matheson, Minor Group, Molex, Citigroup, in New York, London and Singapore. He was Head transactions across Asia, Europe and the US for blue chip Rexel, ST Technologies, Thomson Education, and Thomson of SE Asia Execution for Schroders Asia-Pacific Regional corporates such as Arkema, Celestica, Clariant, Henkel, Reuters, and financial sponsors such as Actis, EQT, Fortress, Advisory Group. His clients include AgFeed, Ardian, Bain Johnson Matthey, Pfizer, Rexel, Sumitomo Chemical, SunGard, LDC, Mekong Capital, Navis Capital, Prudential, Standard Capital, CITIC Capital, Dainippon Ink & Chemical, DuPont, Tata and Weir Group and financial sponsors such as Actis, Chartered PE and VinaCapital. Mr. DiGiacomo was educated at Ecolab, Flex, Hanjin, Happy Socks, ICICI, Intel, Investcorp, Ardian, Ares, EQT, LDC, Investcorp, Prudential, Segulah and Trinity College (BA Hons, Political Science). Kraft Foods, Life Technologies, Lubrizol, Materion, Nalco, One STIC. Before BDA, he worked for the Jardine Matheson Group Equity Partners, OpenGate Capital, Pfizer, Philip Morris, in Greater China and Vietnam. He was the Group Platinum Equity, Sara Lee, Sigma-Aldrich, Tenneco, Terex, Representative in Vietnam with responsibility for investments ThomsonReuters, Wockhardt and Yucaipa. He was named and businesses there. Mr. Huntley was educated at Oxford Dealmaker of the Year in 2016 and 2012 (by The M&A University (MA Hons, Chinese). He is fluent in Mandarin and Advisor), 2014 North American Investment Banker of the conversant in Vietnamese. Year, and one of the Top 50 Global M&A Dealmakers (by The Global M&A Network). He was educated at Eton and Trinity College, Cambridge.
Charlie Maynard Jeff Acton Howard Lee Non-Executive Chairman Partner Partner London Tokyo Seoul
Charlie Maynard is a co-founder and Non-Executive Chairman Jeff Acton is a Partner based in Tokyo. Mr. Acton has a solid Howard Lee is a Partner based in Seoul. He joined BDA in of BDA. Since founding BDA in 1996, Mr. Maynard has been track record in originating and executing acquisitions and 2015 as head of the BDA Seoul office. Before joining BDA, he based in Singapore, Tokyo, New York, Beijing, and now divestments for corporate clients and financial sponsors in led the M&A division of Samsung Securities, Korea’s leading London. Mr. Maynard was based in Tokyo from 2002 to 2005 Japan, China, Korea and Singapore, with a focus on the domestic investment banking firm, for four years. He was and established BDA’s office there and in Seoul. He has been advanced manufacturing, automotive, consumer and specialty responsible for sourcing and executing domestic and cross- BDA’s Non-Executive Chairman since January 1, 2021. He has chemicals sectors. Clients for whom he has advised on border M&A transactions for Korean corporates, private advised on a large number of successful transactions transactions in Asia include Clariant, Cookson Group, Henkel, equity firms, and Government-related companies. His clients throughout the region on behalf of both strategic and private J-Will Partners and Kennametal among others. He started his include several Samsung Group entities, Affinity, Carlyle, CVC, equity clients. Prior to BDA, he worked for the Jardine career as an aerospace engineer with Pratt & Whitney in Goldman Sachs, Hyundai, Kolon, Korea Telecom, KTB, LG, Matheson Group in Hong Kong and Singapore. Mr. Maynard Canada. Mr. Acton has an MBA from INSEAD in France, and an Lotte, MBK, POSCO, SK, Standard Chartered and Visteon. was educated at Oxford University (MA Hons, Geography). MSc/BSc from Queen's University in Canada (with a year at Between 2004 and 2011, Mr. Lee worked as an Associate Kyoto University). Mr. Acton is fluent in spoken and written Director at Macquarie Securities’ M&A group in Seoul. Mr. Lee Japanese and conversant in French. holds a BA, International Economics from Seoul National University. He is fluent in Korean and English.
18 Management (Cont’d)
Simon Kavanagh Anthony Siu Jeffrey Wang Partner Partner Partner Hong Kong Shanghai Shanghai
Simon Kavanagh is a Partner based in Hong Kong. He joined Anthony Siu is a Partner and the co-head of BDA’s Shanghai Jeffrey Wang is a Partner and the co-head of BDA’s Shanghai BDA in 2013 and has 24 years’ M&A experience. Before office.. He joined BDA in 2016. Before joining BDA, he led the office. He joined BDA in 2001. From 1995 to 2001, Mr. Wang joining BDA, he spent nine years with JPMorgan. His Greater China investment banking team at Robert W. Baird for worked in the Investment Banking Division of Salomon Smith experience covers most sectors, with a particular focus on 8 years, focusing on cross-border M&A between USA/Europe Barney, and its predecessor, Schroders PLC, based in Shanghai industrial companies. His multinational corporate clients have and Greater China. Before that, he was a Director at the and Hong Kong. There, he advised multinational companies on included Thomson Reuters, Kerry Group, FIS, Johnson Corporate Advisory division of Standard Chartered, a number of acquisitions, JVs and other direct investments in Controls and Mitsubishi Corporation. He has advised many of responsible for public and private M&A. Earlier, he worked at China, as well as IPOs and private placements for Chinese the leading private equity firms in Asia, and has helped Daiwa Securities and Schroders where he managed a variety companies. From 1988 to 1995, he worked as correspondent multiple founder-led companies. In addition to private and of M&A and equity capital markets transactions. He has banking officer in the International Division of the Bank of public M&A transactions he has worked on IPOs, capital advised Asian corporate clients such as China Life, CLP, Communications, one of the largest commercial banks in raisings, and material transactions on the Hong Kong and Hopewell, Kerry, New World, Ping An, Sinochem and China. Mr. Wang speaks fluent Mandarin and English and was London Stock Exchanges. Mr. Kavanagh has a degree in Wheelock, as well as financial sponsors CDH, CITIC Capital, educated at Beijing University (BA, Economics). Economics from the University of Stirling in Scotland, a EQT and Hony. Anthony received an Executive MBA from the Masters in International Business from University College Kellogg School of Management at Northwestern University Dublin in Ireland, and he studied Mandarin at Xiamen and HKUST and holds a BA from Pomona College, USA. He University in China. He has lived in Asia for 16 years. worked in the audit department of KPMG after graduation and qualified as a CPA in California. He is fluent in English, Mandarin and Cantonese.
Mark Webster Koichiro Yasuda Jonathan Aiken, CFA Partner Chairman – Japan Managing Director Singapore Tokyo London
Mark Webster is a Partner and the head of BDA’s Singapore Koichiro Yasuda is Chairman and Managing Director based in Jonathan Aiken is a Managing Director based in London. He office. He joined BDA in 2005, then he has advised on a range Tokyo. He joined BDA in 2015. Before BDA, Koichiro Yasuda joined BDA in 2007. Mr. Aiken has transaction experience in of successful sellside and buyside transactions for both worked at Deutsche Securities Japan as Head of Investment industrials, automotive, specialty chemicals and technology, private equity and corporate clients such as CITIC Capital, Banking, Managing Director, and Vice Chairman. Before that, including the sale of TitanX to the Tata group and JCC Kerry Group plc and Sherwin-Williams Inc. Previously Mr. he was Head of Advisory and Managing Director at Merrill Advanced Lighting to Leviton Manufacturing. His clients Webster worked for Standard Chartered Bank in Shanghai as Lynch Japan, Co-Head of Advisory at Nikko Citigroup, and include MacLean-Fogg, EQT, Tata Group, Actis and LDC. a Vice President assisting companies such as BP, Syngenta and Head of M&A at UBS Warburg (Japan). Mr. Yasuda began his Before joining BDA, Mr. Aiken worked for Taylor-DeJongh on UPS with strategic and operational funding. Prior to that he career in 1981 at Long Term Credit Bank of Japan, where he global project finance in the energy and infrastructure sectors. worked at JPMorgan’s London office (earlier Robert Fleming went on to be Head of M&A. Mr. Yasuda has closed more than Mr. Aiken works across Europe, with a focus on Scandinavia. Investment Bank) as a Mergers and Acquisitions Associate. 100 transactions across multiple industries. He holds a BA in He holds an MBA and a Masters in International Affairs from From 1995 to 1998 he trained at Arthur Andersen in London, Economics from Keio University, a MPA from The Kennedy the George Washington University. He is fluent in English and qualifying as a Chartered Accountant (ACA). Mr. Webster School at Harvard University, and a MA in Economics from French and proficient in Mandarin. graduated from Oxford University (MA Hons, Modern History Yale University. and Economics) and speaks Mandarin Chinese and French.
19 Management (Cont’d)
Manoj Balwani Victor Chang Karen Cheung Managing Director Managing Director Managing Director Mumbai Seoul Hong Kong
Manoj Balwani is a Managing Director based in Mumbai and Victor Chang is a Managing Director based in Seoul. He has Karen Cheung is a Managing Director based in Hong Kong. She leads the Technology sector for India. He has over 11 years of more than 20 years’ professional experience in Korea and the joined BDA in 2012 covering Greater China and SE Asia. She experience and has closed over 20 M&A/PE/IPO/QIP US, working in the corporate and investment banking sectors. has advised on cross-border sell-side, buy-side and capital transactions while building strong domain expertise across He began his banking career at Lehman Brothers in 2005, raising for both private equity and corporate clients across a sub-segments within Technology, covering IT Services, BPO, covering corporate clients and financial sponsors. He then number of industries including retail and consumer, food & Analytics, Enterprise Software, ER&D, Payments/Fin-Tech, worked at Nomura, 2009-2015, originating and executing beverage. Transactions she has advised on include the sale of Consumer Tech and New Age Technologies (AI/ML etc.). Some domestic and cross-border M&A and private placements. His Navis Capital’s portfolio KFC franchise in HK and Macau, the of his clients include TTEC, Majesco, Mastek, Motif, ICRA latest senior role was 2015-2021, at Halla Group, a large sale of Navis Capital’s investment in Hui Lau Shan dessert (Moody’s subsidiary), Tejas Networks, Jupiter Capital, Altran, Korean conglomerate working across the automotive, chain in Greater China and SE Asia, the capital raising for N FINO, ISON Group, What’s on India, Macmillan Group, Zensar construction, distribution, port, education & sports sectors, Kid Corporation in Vietnam from Standard Chartered Private Technologies, TIME Education, Nazara, and IndiaMart. Prior to where he led M&A, corporate finance, and new investments. Equity and SunGard’s divestment of its Singapore-based retail BDA, Mr. Balwani worked with Edelweiss Financial Services He has an undergraduate degree from the University of banking business to Silverlake Axis Ltd. Previously Ms. as an Associate Director in the Technology, Media, Telecom Michigan, and an MBA from the University of Chicago. Cheung has worked in PwC Transactions Services and Ernst & and Education Investment Banking practice. Before Edelweiss, Young in both Hong Kong and Canada. She qualified as a he was part of the Technology Investment Banking practice at Chartered Accountant with the Canadian Institute of Ernst & Young and Avendus. Mr. Balwani holds a dual degree Chartered Accountants and has a BA in Commerce from the (B.Tech+M.Tech) from IIT Madras. He speaks English, Hindi University of Toronto. She is fluent in English, Mandarin and and Sindhi. Cantonese.
Lars Freitag Kumar Mahtani Vivian Ren Managing Director Managing Director Managing Director Singapore Mumbai Shanghai
Lars Freitag is a Managing Director based in Singapore. Mr. Kumar Mahtani is a Managing Director based in Mumbai. He Vivian Ren is a Managing Director based in Shanghai. She has Freitag has experience across a variety of sectors, including joined BDA in 2011. Before joining BDA, Mr. Mahtani was an 19 years’ investment banking and finance experience and was general industrials, environmental (clean technology, Associate Director at KPMG India, responsible for structuring previously Executive Director of M&A at UBS Securities in recycling and waste management, water/wastewater transactions for investments by global private equity firms in Shanghai, where she advised on the consumer sector and treatment, renewable energy), food and agriculture, financial India, mergers / demergers and restructuring of Indian related transactions. She advised on Diageo’s partial tender services, and TMT. Mr. Freitag started his career as a Corporates and MNCs, and outbound acquisitions by Indian offer for Swellfun, Rise Education’s dual track sale, and management consultant with McKinsey & Co. in London and groups. He has transaction experience in industrials, numerous other transactions. She began her investment Singapore. He also worked for Citigroup Salomon in Hong healthcare, chemicals and consumer sector and his clients banking career at Credit Suisse in Hong Kong, followed by Kong and TC Capital in Singapore, with positions in M&A include Blue Star, ICICI Venture, Larsen & Toubro, Navis roles at HSBC, Rothschild, and Houlihan Lokey in China. She execution, financial sponsor coverage, special Capital Partners, Omnova Solutions, Terex Corporation, and holds an MBA from the University of Michigan, and a BA from situations/proprietary investments, and structured and Wockhardt. Mr. Mahtani is a Chartered Accountant (CA), and the Shanghai University of Finance and Economics, she speaks leveraged finance. He holds an MBA from INSEAD and a BBS has a Bachelor’s degree from the University of Mumbai (H.R. Mandarin and English. (Hons) from Trinity College Dublin. College of Commerce & Economics). He is fluent in English and Hindi, and speaks basic Sindhi.
20 Management (Cont’d)
Sanjay Singh Hideyuki Tozawa Huong Trinh Managing Director Managing Director Managing Director Mumbai Tokyo Ho Chi Minh City
Sanjay Singh is a Managing Director and Head of BDA in India, Hideyuki Tozawa is a Managing Director and Co-Head of Huong Trinh is a Managing Director based in Ho Chi Minh City, based in Mumbai. He is also Co-Head Asia, Healthcare for BDA. BDA’s Tokyo office. Before joining BDA, Mr. Tozawa worked at Vietnam. Before joining BDA in 2018, she worked at PwC Before joining BDA, Mr. Singh was the Partner and Head of Deloitte Tohmatsu Financial Advisory, where he was a (Vietnam) for over 10 years with a focus on investment Life Sciences at KPMG India. He has a record of advising partner and Head of Telecommunications, Media & banking, due diligence services, valuations and market entry corporate and financial sponsor clients on transactions in the Entertainment in Japan and primarily focused on advising services. Over the past 15 years, Ms. Trinh has been a buy and pharma, healthcare and chemicals sectors. He has advised leading Japanese corporations on cross-border M&A. Prior to sell-side lead advisor on various sectors including the clients including Baxter, Isagro, Johnson & Johnson, Nihon that, he was Head of Telecommunication, Media, logistics, pharmaceuticals, industrials and consumables. Nohyaku, Roquette and SMT. Before KPMG, Mr. Singh worked Entertainment and Technology in Investment Banking in Recent transactions she supported include ThiPha Cable’s in leading pharma companies such as Glenmark Macquarie Capital Japan. Mr. Tozawa began his career in 1993 divestment to Stark Corporation, Duy Tan’s 70% divestment Pharmaceuticals and Dr Reddy’s Labs in corporate at Mitsui & Co., Ltd., and then established core Technology, to SCG, Capital raises of Seedcom and Kim Dental, Hop Nhat’s development and global marketing roles, and he has over 20 Media and Telecom experience at NTT. He has also developed divestment to Vingroup. Ms. Trinh holds a Masters Degree years’ experience. Mr Singh holds an MBA from IIM Bangalore extensive experience in Private Equity and Venture Capital at (Distinction) in International Business from the University of and a BTECH from IIT BHU. He is fluent in English and Hindi. The Carlyle Group, Intel Capital and Shinsei Bank. He holds a Dundee, UK and a Bachelor’s Degree (First Class) from the Master of Science in Electronical Engineering from Keio Foreign Trade University of Vietnam. She is fluent in University. He is fluent in English and native in Japanese. Vietnamese and English.
Rica Wirianata Dorothy Cai Anindita Das Managing Director Director Director Singapore Shanghai Singapore
Rica Wirianata is a Managing Director based in Singapore, Dorothy Cai is a Director based in Shanghai. Before joining Anindita Das is a Director based in Singapore. Ms. Das advises covering the Indonesian and Singapore markets for BDA. She BDA, Ms. Cai worked as an Equity Research Analyst for China private equity funds, entrepreneurs, and corporates on has significant capital markets experience with the International Capital Corporation (CICC), one of the leading divestments and capital raises. Ms. Das has more than twelve institutional sales teams of Credit Agricole-Indosuez, ABN Chinese investment banks. Ms. Cai covered listed companies years of M&A and private equity experience across Amro, CLSA and Deutsche Bank servicing sovereign wealth in Shanghai and Hong Kong with a focus on the Steel sector. South/South East Asia. Before joining BDA, she was an funds and leading institutional investors. Her main coverage She conducted in-depth industrial research and prepared Executive Director at TC Capital in Singapore where she areas were ASEAN markets with special focus on Singapore investment reports based on market intelligence and executed transactions across SEA in consumer, industrials, and Indonesia. She subsequently spent five years serving as a quantitative modeling. Prior to that, Ms. Cai worked in ecommerce, real estate and chemicals. Prior to TC Capital, Ms. financial advisor for a privately held company in the business Assurance and Advisory Business Service Department of Ernst Das worked with Blue River Capital Advisors in Mumbai services sector in Indonesia, driving M&A execution and & Young Shanghai, where she provided auditing and internal where she completed investments in the auto components, organic expansion. She most recently worked for a global non- control evaluation services for MNCs and SOEs. Ms. Cai holds a textiles and construction sectors. Ms. Das holds an MBA in profit organization in Singapore before joining BDA. Ms MBA from China Europe International Business School and a International Finance from Brandeis International Business Wirianata graduated from Case Western Reserve University Bachelor degree in Economics from Peking University. She is School in Massachusetts. She is fluent in English and Hindi and with a B.Sc. in Management (Finance) and holds an MBA from fluent in Mandarin and English. is a native Bengali speaker. the Weatherhead School of Management. She is fluent in Bahasa Indonesia and Mandarin Chinese. 21 Management (Cont’d)
Alex Ditchfield Lilian Gu Shinya Kimura Director Director Director New York Shanghai Tokyo
Alexander Ditchfield is a Director based in New York. Prior to Lilian Gu is a Director based in Shanghai. Before joining BDA, Shinya Kimura is a Director based in Tokyo. Before joining moving to New York in 2016, he worked in BDA’s Shanghai Ms. Gu worked as an Analyst at Huasong Capital, a Chinese BDA, Mr. Kimura worked at Amidas Partners, a Japanese M&A and Hong Kong offices for seven years. Clients for whom he based PE firm, where she conducted research for Huasong’s boutique firm, where he was responsible for originating and has advised on transactions include CHS, CITIC Capital, Kerry, direct investments in Chinese SMEs in the forestry, executing M&A transactions, reorganizations, and MBOs in the Littlejohn, MacLean-Fogg, Molex, and Pfizer, among others. sportswear retail, financial service, and education sectors. consumer, retail, industrial, and technology sectors for clients Before joining BDA, he worked on policy for the European Before that, she worked at the Shanghai office of Pacific such as Asahi Breweries, Cross Communication, Mitsubishi Union’s SWITCH-Asia and Asia Invest projects, promoting Epoch, an independent American equity research firm, where Materials and Roland. Mr. Kimura holds an MSc in Finance sustainable development, trade and investment flow between she tracked US-listed Chinese online media companies. Ms. Gu from London Business School as well as Master of Media and EU and Asia, at the EU Project Incubation (EUPIC) Centre in holds a Bachelor’s degree in Communication from Fudan Governance and Bachelor of Arts in Policy Management from Chengdu, China. He graduated with a BSc in Economics from University and attended Yale Summer School. She speaks Keio University. He is fluent in English and Japanese. Cardiff University in the UK. He speaks Mandarin and English. fluent Mandarin and English.
Jason Song Jakub Widzyk Toshiaki Yokohara Director Director Director Shanghai Hong Kong Tokyo
Jason Song is a Director based in Shanghai, before which he Jakub Widzyk is a Director based in Hong Kong. Prior to his Toshiaki Yokohara is a Director based in Tokyo. He worked at was a member of BDA’s New York and Tokyo offices. Mr. Song relocation to Asia in 2018, Mr. Widzyk was based in the BDA from 2006 to 2011. He left BDA in 2011, to join the advised Navis Capital in China’s largest control exit in 2014 by London office of BDA for six years. He has transactional reorganization / financial advisory team of Deloitte Tohmatsu a private equity group, the sale of Trio to Weir plc; other experience in the automotive, consumer, general industrials, Financial Advisory, before returning to BDA in 2013. Mr. clients include leading global multinationals such as BASF, CR services and technology sectors. His clients include EQT, Yokohara has 10+ years of M&A experience and has advised Bard, Henkel, International Paper, Magna and Mars. Before Terex, CSLI, MacLean-Fogg, and Resource Partners, among on domestic and cross-border M&A transactions in Japan in joining BDA, Mr. Song worked at the Carbon Disclosure others. Before joining BDA, he gained transactional experience the automotive, advanced manufacturing, chemical and Project in London, where he undertook research on electrical at Kerburn Rose, in New York, and in Warsaw, in the equity personal care industries. Before 2006, Mr. Yokohara worked utilities for leading US pension funds. Prior to that, he worked research department of PKO Bank Polski and the investment in the Accounting Division at American International Group for the Liberal Democrats in the House of Commons of the office of PTE PZU, an insurance group. Mr. Widzyk holds an (AIG) K.K. in Tokyo, where he conducted financial analysis United Kingdom conducting economic analysis on education MSc in Finance degree from IE Business School in Madrid and and prepared financial statements for AIG subsidiaries in policy. Mr. Song was educated at the University of Wisconsin a BA in Finance and Accounting from Warsaw School of Japan. Mr. Yokohara holds a Bachelor degree in Business (BA, Economics), the University of Paris (Maîtrise, Political Economics. Administration from Meiji University. He also holds Master of Science) and the London School of Economics and Political Accountancy from Golden Gate University. He is fluent in Science (Master, Philosophy and Public Policy). He speaks English and Japanese. English, Mandarin and French. 22 The global investment banking advisor for Asia
Our case studies Case study – Chemicals
M&A case study: Henkel
Sale of Henkel’s Asian Electronic Cleaning Chemicals Business to Nippon Kayaku
BDA acted as exclusive financial advisor to Henkel AG & Co. KGaA (“Henkel”) on the divestment of its Asian Divested its Asian electronic electronic cleaning chemicals business (the ”Business”) to Nippon Kayaku Co., Ltd. (“Nippon Kayaku”) cleaning chemicals business to Part of Henkel’s Adhesives Technologies Division, the Business supplies mission-critical cleaning chemicals for LCD panel and semiconductor production for blue-chip clients in Mainland China, Japan and Taiwan
A stable, high-margin but non-core operation, Henkel engaged BDA to run a global process for this attractive 2020 asset on the strength of three previous successful BDA-led exits in the region
BDA leveraged its global network to access potential buyers worldwide, spanning Asia, Europe and the US. Strategic buyers were contacted as a priority while selected financial sponsors with relevant portfolio companies also participated. The bidding process was tightly managed, resulting in multiple attractive offers, further leading to value maximization for the seller through strong competitive tension
BDA’s Shanghai and Tokyo offices led the transaction, coordinating closely to great effect in another example Buyer Seller Asset of successful cross-office execution
Going forward the Business will operate under Nippon Kayaku’s Functional Chemical, helping expand its LCD and FPD market share and access previously untapped customers and geographies. A Transitional Services Arrangement – negotiated as part of the transaction - will smooth the operational transfer
This transaction once again underlines BDA’s strong position in advising multinationals to divest non-core operations in Asia – particularly those with region-wide assets requiring multi-country coverage
24 Case study – Consumer & Retail
M&A case study: Rich Products
Advised Rich’s on the control of Rich Graviss
BDA acted as the exclusive financial advisor to Rich Products Corporation (“Rich’s”), a family-owned food Acquired the outstanding 50% company dedicated to toppings for pizzas and icings for cakes, appetizers and specialty toppings on the stake in its Indian JV, Rich acquisition of the outstanding 50% stake in Rich Graviss from its joint venture partner Graviss Group Graviss from Rich’s products are used in homes, restaurants and bakeries around the world. Their portfolio includes Graviss Group creative solutions geared at helping food industry professionals compete in foodservice, retail, bakery and deli. With global operations in 100 locations and annual sales exceeding US$4bn 2020 Rich Graviss is a longstanding Indian leader in non-dairy toppings, icing, and cooking creams. Rich’s will continue to grow this bakery and food service business. India has been a key growth market for Rich’s and continues to be a high priority
BDA’s deal team which is based in Mumbai and New York provided insights to its client on the Indian consumer market and deal dynamics through the entire acquisition process. Starting from a wide auction Buyer Seller Asset process led by the sellers, BDA converged the transaction into a bilateral process which lead to multiple rounds of negotiations, valuation discussions, key terms of acquisition and other tax related issues to achieve a successful closure
Rich’s successfully acquired 50% stake in Rich Graviss in April 2020
Terms of the transaction were not disclosed
25 Case study – Consumer & Retail
M&A case study: Young Toys
Advised PAG on the divestment of Young Toys to MiraeN
BDA served as the exclusive sell-side financial advisor to the PAG Asia Capital (“PAG”) of Young Toys, on Divested 100% stake in their sale of 100% stake to MiraeN and two Korean private equity funds – Nvestor Co. and Corstone Asia Young Toys to – Nvestor Co. is wholly owned by MiraeN, while Corstone Asia is a local private equity firm dedicated to investments in middle-market buy-out
With US$40 billion in assets under management, PAG is one of the world’s largest Asia-focused private 2020 investment firms
Through the sale of Young Toys, PAG successfully exited from PAG Asia Fund I where tremendous internal rate of return was achieved
Through the purchase of Young Toys, MiraeN is anticipated to transform into an educational entertainment company by taking advantage of Young Toys’ toy and animation content
Buyer Seller Asset BDA helped PAG to identify and sell Young Toys to the best strategic investors who the market had never expected as typical investors in this sector
Since the discussion with the MiraeN-led consortium launched, BDA had put its best efforts to promote Young Toys’ fundamental strength regardless of temporary economic uncertainties
As a result, this transaction marked as the first Korean transaction to have been revived after being put on hold due to Covid-19 pandemic in Korea
26 Case study – Health
M&A case study: Neoss Limited
Advised Neoss on sale to CareCapital
BDA Partners acted as the exclusive sell-side financial advisor to Neoss, and the shareholders backing Neoss, Divested 100% stake to notably MMC Ventures and Delta Partners, on the sale of a 100% equity stake to CareCapital Founded in 2000, Neoss offers intelligent dental solutions that are intuitively simple to use. Headquartered in Harrogate, UK, with research and development based in Gothenburg, Sweden, the company has established a global footprint with a longstanding presence in key markets, including direct sales in Europe, the US and Australasia. Neoss has additional global reach in Asia and the Middle East & Africa through 2020 distribution channels. Neoss offers a full suite of patent protection innovations (>50 patents) supported by increased investment into innovative dental implant technology, which remains a fast growing sector
CareCapital is a China-based investor focused on the global dental and oral care industries. The Chinese market is an important global growth opportunity for Neoss. CareCapital’s dental business portfolio encompasses dental education, digital orthodontics, imaging, implants, biologics, ceramics, distribution, software, DSOs and research hospitals Buyer Seller Asset BDA managed a global sale process targeting high quality strategic and financial buyers located in Europe, Asia and North America
Throughout the whole process, BDA worked closely with the management team, and was highly involved in buyer communication, due diligence (including financial VDD) ultimately leveraging significant global buyer interest to deliver an optimal outcome for all shareholders and despite the practical and business challenges created by Covid-19
In particular, BDA organised a series of virtual due diligence sessions under a tight timeline. These covered topics such as financial, commercial, tax and legal due diligence across all of Neoss’ subsidiaries
This transaction underlines BDA’s significant transactional experience across the dental ecosystem which is rapidly expanding and forms an important plank of our overall health practice
27 Case study – Health
M&A case study: Quasar Medical
Sale of an Israeli-owned, China-based Medical Device Company to an Asian PE Firm
BDA acted as the exclusive financial advisor to Quasar Medical on its sale to Longreach Divested a majority stake to Founded in 1988, Quasar is an Israeli-owned engineering, design and manufacturing partner for advanced medical devices, serving blue-chip sector leaders like Medtronic and J&J
Continuous, hands-on involvement from BDA’s senior deal team – from extensive pre-sale preparations to customized strategies for customer/employee/buyer outreach – provided comfort and confidence to a client 2019 with limited M&A experience
Quasar’s unique profile as a Western-owned Asia-based producer of highly-complex, mission-critical devices drove extreme interest/engagement from the global buyer cohort, i.e.:
88% of buyers requesting Teasers and 51% requesting NDAs; and
30% of buyers with the Information Memorandum submitting an Indicative Offer Buyer Seller Asset A tight grouping of several high-multiple LOIs required a novel approach to maximize value. BDA devised a two-round, three-track diligence process allowing Quasar to efficiently assess the interest of additional bidders before focusing discussions on the most motivated counterparties
This tailored process design, in concert with BDA’s compelling positioning, best-in-class deal documentation and intensive negotiations, drove a successful, value-maximizing result for Quasar - despite the threat of a China-US trade war and a major ongoing facility transfer
This outstanding result affirms BDA’s expertise in working with family-owned businesses to achieve premium outcomes and underlines BDA’s expertise in healthcare-related transactions, particularly in the field of high-end medical device development and manufacturing
28 Case study – Industrials
M&A case study: Compart Systems
Sale of a leading global supplier of highly engineered gas delivery system components and assemblies and flow control solutions BDA advised Platinum Equity on its sale of Compart Systems (“Compart”), a leading global supplier of complex gas delivery system components and assemblies for the semiconductor and industrial flow control Divested Compart Systems to sectors, to Shanghai Wanye Enterprises (“Wanye”), for US$398m Shanghai Wanye Enterprises Compart is headquartered in Singapore and has manufacturing plants in China and Malaysia, a sales and warehousing location in the US, and a distribution facility in Hong Kong
2020 Based in Shanghai, Wanye is a listed (SHSE: 600641) residential real estate developer with over US$1bn in assets, and is controlled by Shanghai Pudong Science and Technology Investment (“PDSTI”), a China-based investment firm with a strong track record of investments in the semiconductor sector globally
BDA executed the sales process under unique circumstances complicated by the COVID-19 pandemic, and managed to obtain a result with valuation and terms significantly above expectations
Wanye offers Compart a strong Chinese partner with significant experience in the semiconductor sector, as Buyer Seller Asset well as access to major China-based semiconductor funds, including the National IC fund
Wanye will particularly support Compart’s growth in the Chinese market, as China continues to aggressively push for the localization of its semiconductor supply chain
29 Case study – Industrials
M&A case study: Thipha & Dovina
Advises Thipha & Dovina on their sale to STARK Corporation
BDA acted as the exclusive sell-side financial advisor to the shareholders of Thinh Phat Cables Divested 100% stake to JSC. (“Thipha”) and Dong Viet Non-Ferrous & Plastic JSC. (“Dovina”) on the sale of a 100% equity stake to STARK Corporation (“STARK”)
BDA managed a global sale process, targeting high quality strategic and financial buyers worldwide
2020 Throughout the whole process, BDA worked closely with the seller and management team, and was highly involved in buyer communication, due diligence and negotiation, and eventually achieved best outcome for the client
As a result of customized positioning, effective marketing efforts and highly competitive process, BDA was successful in achieving a premium valuation, while closely managing issues around deal certainty and speed of closing Buyer Seller Asset This transaction has facilitated the strategic partnership between Thipha/Dovina and STARK. The strong relationship will create significant synergies to fuel future growth for both parties
BDA excels at mid-sized cross-border M&A transactions like these
30 Case study – Services
M&A case study: EMC Holdings
SK E&C’s Acquisition of EMC Holdings
BDA acted as the exclusive financial advisor to SK E&C on its acquisition of a 100% stake in EMC Holdings Advised SK E&C on the from Affirma Capital acquisition of EMC Holdings SK Group expects to create synergies, using EMC to treat waste generated by SK Group’s oil refining and chemical units: SK Innovation, SK Chemicals, and SK Incheon Petrochem Seller BDA leveraged its extensive experiences in the waste management space following, among others, the 2020 successful sale of Kolon Water & Energy (later renamed to EMC Holdings) to Affirma Capital in 2016
BDA has been discussing potential targets with SK Group since 2019, including delivering sector insights, preliminary analysis and investment rationale
With BDA’s team support, SK E&C was shortlisted by the vendor in a highly competitive auction
BDA’s efforts helped the client stand out with a highly competitive final bid, thanks to a thorough due Buyer Seller Asset diligence and comprehensive analysis made regarding potential business extensions, regulations, and valuation
BDA supported the client with in-depth assessments of competitors’ bids, by leveraging BDA’s internal insights and industry relationships to gauge competitors’ bid strategies and estimate valuation ranges
31 Case study – Services
M&A case study: Xinbang Logistics
Divestment of Fortress’ minority stake in Chinese logistics company to HCT Logistics
BDA acted as exclusive financial advisor to the private equity investor Fortress Investment Group on the exit Divested a Chinese less-than- of its minority stake in Xinbang Logistics to a Taiwanese consortium led by HCT Logistics, a leading logistics truckload logistics company to service provider based in Taiwan
a consortium led by HCT Xinbang Logistics is an integrated supply chain solutions provider focusing on domestic less-than-truckload Logistics logistics (“LTL”). The Company maintained a Top 6 rank in the LTL segment in China with a wide network of over 550 branches and annual revenues of well over RMB1bn 2016 BDA’s logistics expertise and relationships with strategic and financial buyers generated global interest in the opportunity, allowing us to select investors whose strategic vision was closely aligned with the management while maximizing the value for our client
BDA conducted a comprehensive global sale process, engaging with both strategic players (~60) and private equity sponsors (~80), ensuring competitive tension was maintained through out the entire process Buyer Seller Asset BDA proactively addressed multiple transaction issues such as investor concern re intensity of competition and the large on-going investments required to fund its growth plan. This enabled us to build confidence and maintain momentum with interested parties
Under the terms of the final agreement, the investment consortium led by HCT Logistics acquired Fortress’s 25% stake and also paid off shareholder loans provided by Fortress
Meanwhile a follow-on equity investment by the HCT consortium and a syndicate financing arrangement has further enabled Xinbang to accelerate its growth plan and expand its nationwide cargo network
32 Case study – Technology
M&A case study: Apple World
Divestment of Ant Capital’s online hotel booking business to ZIGExN
BDA Partners was the exclusive financial advisor to Ant Capital Agreed to divest Apple World to Apple World operates one of Japan’s largest online hotel booking services. Apple World access to 110,000 hotels in 150 countries around the world through its B2B “Apple World” and B2C “hotelista.jp” platforms. Apple World customers comprise over 3,000 primarily Japanese travel agencies, affiliated companies, and individual travelers.
2018 Ant Capital Partners is a private equity firm specializing in private equity and secondary investments. In private equity, the firm participates in buyout, business succession, carve-out, and capital restructuring related investment opportunities. In secondary investments, the firm seeks to acquire minority share securities of unlisted Japanese SMEs (Secondary Direct Investments) and interest in private equity funds held by institutional investors and businesses (Secondary LP Interest Investments). It invests primarily in the internet business (mobile and content), consumer retail, light manufacturing, business services, the electronic business (semiconductors and communications), the bio-healthcare business (new drug Buyer Seller Asset development), and the new service business (financial and environmental services) sectors. The firm invests mainly in companies based in Japan, China, and other East Asian countries, and seeks to carry out small-cap buyouts of mature companies between $50m and $150m with enterprise values between $20m and $250m
33 BDA contacts
Managing Partners
Euan Rellie New York Consumer & Retail London Andrew Huntley London/HCMC Health New York Seoul Tokyo Paul DiGiacomo Hong Kong Financial Sponsors Group Shanghai Hong Kong Mumbai Ho Chi Minh City Partners Singapore Jeff Acton Tokyo Technology
Simon Kavanagh Hong Kong Industrials
Howard Lee Seoul Korea coverage
Anthony Siu Shanghai Financial Sponsors Group
Jeffrey Wang Shanghai China coverage
Mark Webster Singapore Services bdapartners.com Managing Directors
NEW YORK LONDON MUMBAI Jonathan Aiken London Industrials 1270 Avenue of the Americas 7-8 Conduit Street 505-B, The Capital, Plot No C-70, G Block Suite 2901 London W1S 2XF Bandra Kurla Complex, Bandra East Manoj Balwani Mumbai Technology New York, NY 10020 United Kingdom Mumbai 400051 United States Tel +44 (0) 20 3327 3360 India Victor Chang Seoul Korea coverage Tel +1 (212) 265 5300 Tel +91 (22) 6140 3800 Karen Cheung Hong Kong Consumer & Retail
HO CHI MINH CITY SINGAPORE HONG KONG Lars Freitag Singapore Industrials Level 19, Deutsches Haus 50 Collyer Quay Suite 2002 20/F, 100QRC Kumar Mahtani Mumbai India coverage 33 Le Duan Street, Ben Nghe Ward OUE Bayfront, #11-01 100 Queen’s Road, Central Hong Kong SAR District 1, Ho Chi Minh City Singapore 049321 Vivian Ren Shanghai Consumer & Retail Vietnam Singapore Tel +852 3698 1700 Tel +84 (28) 7300 2755 Tel +65 6958 1200 Sanjay Singh Mumbai Health
Hideyuki Tozawa Tokyo Japan coverage SHANGHAI SEOUL TOKYO HKRI Centre Two, Units 1704-1706 2F, Youngpoong Building 26F Atago Green Hills Mori Tower Huong Trinh HCMC Vietnam coverage 288 Shimen Road (No.1) 41, Cheonggyechoen-ro, Jongno-gu 2-5-1 Atago, Minato-ku Shanghai, 200031 Seoul, 03188 Tokyo, 105-6201 Rica Wirianata Singapore Financial Sponsors Group China Republic of Korea Japan Tel +86 (21) 3217 8222 Tel +82 (2) 735 4220 Tel +81 (3) 3433 5800
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