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The Brief Mergermarket’S Weekly Private Equity Round-Up

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The Brief Mergermarket’S Weekly Private Equity Round-Up The Brief mergermarket’s Weekly Private Equity Round-Up 25 September 2009 | Issue 31 Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 19 Statistics 24 League & Activity Tables 27 Top Deals 36 Investor Profile: 3i Group Plc 39 Notes & Contacts 42 The Week That Was..... The last seven days: private equity in review After a wave significant deal making from global The largest deal of the week outside of the United States private equity houses in recent weeks, activity was was an emerging market play where a consortium comparatively subdued over the last seven days with 16 of investors, including JP Morgan, sold a 24.96% transactions worth a collective US$1.79bn coming to the stake in Empresa Distribuidora Electrica Regional, the market. Tellingly, these figures are way down on the H2 listed Argentina-based power holding company, to 2009 weekly volume and value averages which currently AEI Utilities, the Spain-based subsidiary of AEI. Other stand at 28 and US$2.15bn respectively. parties on the sell-side included private investment firm CoInvest Argentina as well as utility firm GPU Argentina. However, the last week did witness one large-cap Meanwhile, the European market witnessed just two transaction with Sol Private Corp, a newco formed deals worth US$74m this past week although the current and indirectly wholly owned by Harbinger Capital air of cautious optimism sweeping the asset class should Partners, moving to acquire a 51% stake in SkyTerra prove this lull in activity to be little more than a minor Communications, the US-based developer and supplier blip. of mobile satellite communication services, for a consideration of US$1.21bn. The offer price represents By Tom Coughlan, Remark a significant premium of 47.06% over the firms’ shares closing price one day prior to the announcement. The SkyTerra deal currently stands as the second largest private equity related transaction in the TMT sector so far this year, only surpassed by the US$2.03bn buyout of a 65% stake in Skype Technologies from eBay by a consortium of investors led by Silver Lake Partners. Notably, this deal also involved a US-based target and was announced just over three weeks ago, indicating that the asset class, at least on the buy-side, recognises significant upside potential in the space, especially while valuations remain depressed and a number of larger corporations move to rationalise their business and divest of non-core assets. The Noticeboard People moves Date Title Story snapshot Source 23-Sep-09 Oak Hill Capital New York-based debt investor Oak Hill Advisors, which closed its new credit-focused www.privateequityonline.com hires European fund on US$1.1bn last week, has appointed Alexandra Jung as co-head of European co-head operations, which is headed by Richard Munn. Jung was previously managing director at US-based Grey Wolf Capital, where she oversaw European distressed debt and credit investments. 23-Sep-09 Carlyle names The Carlyle Group has appointed Gregory L. Summe to the newly created position of www.carlyle.com global buyout Vice Chairman of Global Buyout. Summe was previously a Senior Adviser at Goldman head Sachs Capital Partners and CEO of PerkinElmer, Inc. He is also a Director of Automatic Data Processing Inc. (ADP) and the Lead Director of the State Street Corporation (STT). 23-Sep-09 Saigon Asset Vietnam-based asset manager Saigon Asset Management (SAM) has appointed Hoang www.saigonam.com Manager appoints Nguyen as CIO. Nguyen was previously an investment manager at Zurich Financial CIO Services (ZFS). Hoang was also portfolio manager for UBS in Zurich, Luxembourg and New York, where he oversaw a portfolio of private weath clients worth over US$500m. 22-Sep-09 KKR hires veteran New York-based private equity firm Kohlberg Kravis Roberts & Co. (KKR) has appointed www.kkr.com mezzanine debt Lee Stern as a director of the firm's mezzanine investment activity. Stern previously investor served as managing director at GSO Capital Partners, where he focused on originating private debt and equity investments. Lee is also one of the founding partners of Thomas Weisel Partners. 21-Sep-09 Silverfleet adds to Silverfleet Capital, the European mid-market private equity firm, has announced that www.silverfleetcapital.com Paris investment Frédéric Chiche will join its Paris-based investment team as an executive focused on team the firm's mid-market buyout activity in France. Chiche previously served as a senior associate in the London office of US-based private equity firm Providence Equity Partners. New funds Date Title Story snapshot Source 24-Sep-09 Vietnam Pioneer Vietnam Pioneer Partners is targeting US$100m for its first fund, Vietnam Pioneer www.privateequityonline.com Partners launches Fund, which will receive a cornerstone investment worth 20% of funds raised from the debut fund International Finance Corporation (IFC). The fund will target a variety of sectors with a focus on consumer companies, and it will also work toward developing the business culture of Vietnam. 22-Sep-09 European Apollo Apollo Global Management has raised nearly US$980m toward its US$2bn target for www.privateequityonline.com fund raises nearly Apollo European Principal Finance Fund (EPF). EPF received US$315m in commitments US$1bn from its affiliate Apollo Alternative Assets (AAA) as well as commitments from several US pension funds. EPF is focused on non-performing loans and has already made ten investments in Europe. 2 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - Asia-Pacific Farmax Retail (India) could sell minority stake to fund organic expansion, director says Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description 22-Sep-09 12 US$ Potential Consumer: Other Farmax Retail (India) India Confirmed deal value Farmax Retail (India), a listed Indian consumer goods manufacturer, could sell a minority stake for INR600m (US$12m) to fund organic expansion, director Prasanth Reddy said. It is willing to hear from potential advisors and financial investors, he added. Revenues for the year ending March 2009 were INR370m (US$7.4m) with FY09/10 projections at INR750m (US$15m). The company is on target to achieve INR300m in the first half of this year. It has a net debt position of INR160m. Union Bank valued Farmax at INR1.2bn (US$24m) six months ago, when it was assessing a term loan. The assets were valued at government rates, and Farmax expects assets to be valued at market prices for the current deal. Around 98% of the company is owned by seven founding shareholders, and the remaining 2% stake is held by the public. Proceeds would be used to fund capex – forecast at INR1.2bn (US$24m) up until March 2011. Capex would be used to finance advertising campaigns, to set up branches, introduce new products, and to increase the capacity of the company's vermicelli manufacturing unit, he said. Farmax Retail has 100 employees across four manufacturing plants in Hyderabad that manufacture coconut oil, soaps, toothpaste, vermicelli and mosquito coil. Its products are sold under the brands "Today", "Astra" and "Du". Its product portfolio is expected to increase to 11 from the current eight by March 2011. Kumho Asiana searching for a potential buyer of Kumho Rent-a-car, sources say Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description 24-Sep-09 829 US$ Estimated Financial Services, Asiana Airlines Inc, Lotte South Korea Strong evidence total asset of Industrial products and Group, SK Networks the division services, Services (other), Company Ltd, Kumho Transportation Industrial Company Ltd, Korea Express Co Ltd, Kumho Asiana Group, Hertz Global Holdings Inc, Kumho Rent-a-car, Samsung Card Co., Ltd. Kumho Asiana, the South Korean conglomerate, is searching for a buyer for the non-listed Korean rental car company, Kumho Rent-a-Car, as a part of a fund- raising process to increase the group’s liquidity, two sources following the situation said. Korea Development Bank is advising the seller, the sources said. Kumho Asiana and its subsidiaries such as Kumho Industrial/Asiana Airlines are required to pay around KRW3-4trn (US$2.5-3.3bn) for financial investors to meet the covenant due on 15 December 2009, a legacy of its acquisition of Daewoo Engineering & Construction in 2006. If the share price of Daewoo E&C does not reach KRW31,500 by 15 December, the financial investors could ask Kumho to buy their holding stake at the price. Shares of Daewoo E&C closed at KRW14,500 on Thursday. The sale of Kumho Rent-a –Car is likely to attract multiple strategic and financial investors as it is the largest rental car service company in Korea, the sources said. The strategic partner of Kumho Rent-a-Car Hertz, could be a potential bidder, as could SK Networks, Samsung Card, and Lotte Group and other auto lease companies, one source suggested. The annual sales revenues of Kumho Rent-a-Car are estimated KRW300-400bn, and the transaction value estimated approximately as KRW250-300bn, he added. The second source said the potential sale valuation range could be depend on the views of of the different investor and would likely be the critical issue in the deal. He declined to comment on the estimated transaction value. An insider at Samsung Card said it is engaged in the rental/lease car business, considered to be profitable business for them. However, he was unaware of the acquisition needs of existing rental car companies at the moment. According to a spokesperson at Kumho Asiana, the group has no official position as yet regarding the potential sale of Kumho Rent-a-Car. Korea Express, the listed Korean transportation company under Kumho Asiana Group's umbrella previously announced it would spin off its subsidiary Kumho Rent a-Car along with its rental car operation in order to focus on the logistics business.
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