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CDH Investments to Exit CNinsure for US$54 Million (Asia)
China-focused private equity and venture capital firm CDH Investments has agreed to sell back its shares in NASDAQ-listed CNinsure, a China-based insurance intermediary company and online insurance service provider, to certain members of the company’s management. CNinsure’s management will purchase 7.7 million shares at a price of US$7 per share, totaling US$54 million. Upon completion of the transaction, the management’s… Read More
Growthgate Capital Exits Able Logistics for US$32 Million (MENA)
Middle market-focused buyout investor Growthgate Capital has exited its investment in United Arab Emirates-based logistics provider Able Logistics Group by selling its 70 percent stake to Kerry Freight Services (South Asia) for US$32 million. Kerry Freight Services is a wholly owned subsidiary of Hong Kong-listed logistics provider Kerry Logistics Network. Taking into account this transaction and prior dividends, Growthgate has… Read More
PineBridge Investments to Buy Malpka Express (CEE and CIS)
Poland-based retail group Czerwona Torebka has agreed to sell its convenience store chain Malpka Express to principal investment firm PineBridge Investments for PLN362 million (approximately US$108 million). Instead of a cash payment, PineBridge will transfer all of its current shares in Czerwona—in which it holds a 16 percent stake—back to the retail group as the first installment. The remaining amount… Read More
AFIG’s Atlantic Coast Regional Fund Agrees to Invest in Nigerian-German Chemicals (Sub-Saharan)
Private equity fund management company Advanced Finance and Investment Group (AFIG) has agreed to invest up to US$14 million in Nigeria-based producer and distributor of pharmaceutical products and bottled beverages Nigerian-German Chemicals (NGC). The transaction will be structured through Atlantic Coast Regional Fund. NGC intends to use the capital to complete new production facilities, add an intravenous fluids plant and… Read More
The Carlyle Group Agrees to Acquire General Electric’s Stake in AsiaSat (Asia)
Global alternative asset manager The Carlyle Group has agreed to purchase multinational conglomerate General Electric’s stake in holding company Bowenvale, which holds a 74 percent stake in Hong Kong-listed Asia Satellite Telecommunications Holdings (AsiaSat), for as much as HKD3.75 billion (approximately US$483 million). AsiaSat is a commercial operator of communication spacecrafts. Carlyle will then offer to acquire all outstanding shares… Read More
Clearwater, Spinnaker and Ashmore Agree to Sell Pacnet to Telstra for US$697 Million (Asia)
Credit and special situations investment firm Clearwater Capital Partners, emerging markets investment manager Spinnaker Capital Group and emerging markets fund manager Ashmore Investment Management have agreed to sell Hong Kong- and Singapore-based undersea cable provider Pacnet to Australia-based telecommunications company Telstra for US$697 million, including US$400 million in debt. The transaction is subject to regulatory approval and is expected to… Read More
Morgan Stanley Private Equity Asia and Sihuan Pharmaceuticals Invest in Two Hospitals (Asia)
Asia-Pacific-focused private equity investor Morgan Stanley Private Equity Asia (MSPEA) and China-based Sihuan Pharmaceuticals, one of MSPEA’s portfolio companies, along with Sihuan’s chairman, have together agreed to invest RMB1.2 billion (approximately US$200 million) in two China-based hospitals: HY Hospital in Huai’an and JB Hospital in Nanjing. The investments are being made through a joint venture in which MSPEA and a… Read More
LeapFrog Investments and Lombard Investments Acquire a 22% Stake in Syn Mun Kong Insurance (Asia)
Emerging markets financial services investor LeapFrog Investments and private equity investment manager Lombard Investments have acquired an aggregate 22 percent stake in Thailand-listed general insurer Syn Mun Kong Insurance (SMK) from United Kingdom-based insurance group Royal & Sun Alliance Insurance for THB1.89 billion (approximately US$57.5 million). LeapFrog and Lombard each acquired an 11 percent stake. SMK operates an automotive insurance… Read More
Mediterrania Fund II Holds an Interim Close at EUR115.3 Million (MENA)
North Africa-focused private equity firm Mediterrania Capital Partners (MCP) has reached an interim close on its second fund, Mediterrania Capital II (MC II), with EUR115.3 million (approximately US$147.4 million) in capital commitments. MCP aims to reach a final close at EUR150 million in March 2015. MC II has already completed two deals, acquiring a 45 percent stake in Morocco-based industrial… Read More
Amethis Finance Invests in Ramco Plexus (Sub-Saharan Africa)
Amethis Finance, a fund manager that provides debt and equity financing to companies in Africa, has acquired one-third of Kenya-based printing and packaging group Ramco Plexus, a consortium of nine companies that are part of manufacturing, trading and services conglomerate Ramco Group. The acquisition will help consolidate Ramco Group’s printing and packaging activities, as well as support Ramco’s regional expansion.… Read More
AIF Capital- and Orchid Asia-backed Nirvana Asia Raises HKD2 Billion in a Hong Kong IPO (Asia)
Malaysia-based death care service provider Nirvana Asia has completed an initial public offering (IPO) on the Hong Kong Stock Exchange. Nirvana issued 674.7 million shares at HKD3 (approximately US$0.39) per share, raising HKD2 billion (approximately US$261 million) in IPO proceeds. Private equity firms Orchid Asia and AIF Capital Asia, which invested in Nirvana through Orchid Asia V and AIF Capital… Read More
PC Capital Management Announces a First Close on Mexico Development Fund I (Latin America)
Private equity firm PC Capital Management has reached a first close on its latest fund, Mexico Development Fund I. The fund will target US$1 million to US$10 million investments in growth equity and mezzanine opportunities in Mexico. Investors in the fund included the Inter-American Development Bank, CAF Development Bank of Latin America and investment firm Promotora Social México. Read More