On 30 August 2011, EMPEA submitted comments on draft regulations (the “Regulations”) promulgated by the Securities and Exchange Board of India (SEBI). These regulations proposed a framework for the Indian government to regulate private pools of capital (referred to as “Alternative Investment Funds” or “AIFs.”)… Read More
An internal draft memorandum reportedly prepared by the Chinese Securities Regulatory Commission (“CSRC”) for submission to the China’s State Council (the “CSRC Memo”) has heightened concerns in the foreign investment community regarding the future viability of the widely-used variable interest entity (“VIE”) investment structure in China. The negative view… Read More
In addition to ordinary commercial risks, emerging market private equity (EMPE) investments are subject to those risks that arise across virtually all emerging markets: unenforceability of contracts, expropriation, discrimination against foreign investors, weak or corrupt local courts, corrupt government officials and regulators, poorly drafted or conflicting laws and regulations,… Read More
Kohlberg Kravis Roberts & Co. L.P. invested US$150 million for a 33% stake. Company Headquarters: China Business focus: Dairy cow farming and milk production Revenue: US$172 million (FY 2011) impact highlights Modern Dairy’s revenues grew from RMB184 million (US$27 million) in FY2008 to RMB1,113 million (US$172 million) in… Read More
I&P Management acquired 100% of Newpack in July 2008 through the first LBO involving Mauritius and Madagascar. Company Headquarters: Madagascar Business focus: Corrugated cardboard packaging for transformation industries Revenue: US$10.4 million (FY 2010) impact highlights Newpack leveraged its sustainability achievements to attract new clients, including one of Madagascar’s… Read More
The Carlyle Group invested US$190 million for an 11.1% stake in July 2010. Company Headquarters: China Business focus: Agribusiness, Industrial fishing Revenue: US$538.9 million (FY 2010) impact highlights Carlyle’s proven track record in Chinese agribusiness provides China Fishery with deep-level board expertise and enhanced corporate governance Carlyle worked… Read More
PineBridge Investments invested US$24 million out of its New Europe Fund I for a 46% stake in 2010. Company Headquarters: Poland Business focus: Convenience store operator Revenue: Turnover of US$400 million (FY 2007) impact highlights With support from PineBridge, Zabka developed over 1,400 stores and increased its revenues… Read More
EMSA Capital expanded Bonbonetti’s profit margins and extended the company’s reach into Central Asia, the US, and Western and Central Europe. Company Headquarters: Hungary Business focus: Food & Beverage Growth: In 2007, Bonbonetti became debt free and cash flow positive impact highlights EMSA Capital introduced efficient streamlining of… Read More
Abraaj Capital invested US$361 million for a 50% stake in May 2008. Company Headquarters: Pakistan Business focus: Generation, transmission and distribution of electricity Revenue: US$1.2 billion (FY 2010) Employees: 18,000 impact highlights Abraaj developed a line loss reduction model—Integrated Business Centres (IBCs)—that ended the split between the… Read More
Clearwater invested US$45–50 million from June 2006 to August 2010. Company Headquarters: India Business focus: Commercial vehicle components manufacturer Revenue: US$220 million (2010) Growth: Annual revenues have grown from roughly US$75 million to US$220 million impact highlights Jamna Auto has transformed from a loss-making business to a… Read More
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