Baring Private Equity Asia Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Baring Private Equity Asia has acquired 3 companies. It has also invested in 3 others.

Baring Private Equity Asia’s most common sectors for investment areeducation (13%) and business services (11%) . The Firm’s most common investment types include secondary buyout (25%) and buyout (lbo, mbo, mbi) (18%). In total, Baring Private Equity Asia has invested in 10 US states and 14 different countries. Its largest (disclosed) acquisition occurred in 2017 when it acquired Nord Anglia Education for $4.3B.

In the last 3 years, Baring Private Equity Asia has exited 8 companies. The Firm’s most common exit type is secondary buyout (33%). Baring Private Equity Asia’s largest (disclosed) exit occurred in 2024 when it sold Nord Anglia Education for $14.5B.

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M&A Summary

  • M&A Total Activity82
    • M&A Buy Activity55
    • M&A Sell Activity27
  • Total Sectors Invested 25
  • Total Countries Invested 14
  • M&A Buy/Sell Connections 25
  • M&A Advisors 20

Baring Private Equity Asia

Suite 3801, Two International Finance Centre, 8 Finance Street,
Hong Kong,
China
+(852) 2843 9327
www.bpeasia.com
hongkong@bpeasia.com

Baring Private Equity Asia is an Asia-focused private equity group specializing in growth equity investments and buyouts of companies valued between $300 million and $1.5 billion. Baring looks for companies that require capital for organic expansion, recapitalizations, or to fund acquisitions. The Group's geographic coverage spans China, India, Japan, Singapore, Hong Kong, and Taiwan. Baring Private Equity Asia was formed in 1997 and is based in Hong Kong.


Investment Criteria

Sectors of Interest: Business Services, Distribution, Machinery, Manufacturing, Oil/Gas Exploration, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: Asia/Pacific, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 300 1,500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.2/yr) # 44 5 4 2 - - 55
vol $17.6B $4.0B $1.3B $22.8B
Sell (2.4/yr) # 16 4 4 2 2 - 28
vol $3.9B $3.3B $14.5B $21.8B
  83

Most Recent M&A

Company Date Value Type
Horizon Robotics, Inc. 2024-10-24 - IPO
Beijing, China · www.horizon.cc
Nord Anglia Education, Inc. 2024-10-21 14.5B USD Secondary Sale
London, United Kingdom · www.nordangliaeducation.com
Indira IVF Hospital Pvt. Ltd. 2023-07-28 - Secondary Buyout
Udaipur, India · www.indiraivf.com
Tricor Group 2023-07-28 - Merger
Hong Kong, China · www.tricorglobal.com
TRYT, Inc. 2023-07-24 - IPO
Tokyo, Japan · www.tryt-group.co.jp
IMG Academy Parent LLC 2023-04-25 1.3B USD Divestiture
Bradenton, Florida · www.imgacademy.com
Euclid Vision Corp. 2022-12-31 - Growth Capital
Sterling, Virginia · www.euclidlenses.com
Bushu Pharmaceuticals Ltd. 2022-12-20 - Secondary Sale
Saitama, Japan · www.bushu-pharma.com
SAI Global Compliance, Inc. 2022-12-14 - Divestiture
Chicago, Illinois · www.sai360.com
Ginko International Co., Ltd. 2022-05-30 - Growth Capital
Taichung, Taiwan · www.ginkointernational.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Phoenix American - Fund Administration & Transfer Agent Business 2024-08-05 18
Hong Kong, China · www.vistra.com Larkspur, California
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Tricor Group 2023-07-28 17
Hong Kong, China · www.vistra.com Hong Kong, China · www.tricorglobal.com
SAI Global Pty Ltd. 2017-10-26 SAI Global Assurance 2021-05-13 2
Sydney, Australia · www.saiglobal.com , Australia
Lumenis Ltd. 2019-11-19 Lumenis' Surgical Business 2021-03-03 1
Yokneam, Israel · www.lumenis.com Yokneam, Israel
SAI Global Pty Ltd. 2017-10-26 Global Trust Certification Ltd. 2021-01-06 1
Sydney, Australia · www.saiglobal.com Dundalk, Ireland · www.gtcert.com
SAI Global Pty Ltd. 2017-10-26 BWise B.V. 2019-02-11 1
Sydney, Australia · www.saiglobal.com Rosmalen, Netherlands · www.bwise.com
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Radius GGE (USA), Inc. 2018-04-26 16
Hong Kong, China · www.vistra.com Boston, Massachusetts · www.radiusworldwide.com
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Deutsche Bank AG - Corporate Services Business 2017-09-14 15
Hong Kong, China · www.vistra.com Frankfurt, Germany
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Foster Raffan Pty Ltd. - Compliance Division 2017-05-15 14
Hong Kong, China · www.vistra.com North Sydney, Australia
Vistra Group Holdings (BVI) Ltd. 2015-05-22 Orangefield Trust BV 2016-09-05 13
Hong Kong, China · www.vistra.com Amsterdam, Netherlands · www.orangefieldtrust.com

M&A by Sector

Sector Current # Value All-time # Value
Education 4 (14%) 1.3B (20%) 7 (13%) 5.6B (24%)
Business Services 3 (11%) 1.2B (19%) 6 (11%) 4.7B (21%)
Information Technology 4 (14%) 2.0B (32%) 5 (9%) 2.0B (9%)
Medical Products 3 (11%) 1.0B (16%) 4 (7%) 1.0B (4%)
Healthcare Services 3 (11%) - 4 (7%) 58M (< 1%)
Food 1 (4%) - 4 (7%) -
Financial Services 2 (7%) - 3 (5%) -
Retail 2 (7%) - 3 (5%) -
Consumer Products - - 2 (4%) -
Internet Software and Services 1 (4%) - 2 (4%) -
Transportation 1 (4%) - 2 (4%) -
Information Services - - 1 (2%) 3.6B (16%)
Software - - 1 (2%) 3.0B (13%)
Packaging - - 1 (2%) 1.6B (7%)
Technology Hardware 1 (4%) 844M (13%) 1 (2%) 844M (4%)
Electrical Equipment - - 1 (2%) 450M (2%)
Life Science - - 1 (2%) 640K (< 1%)
Apparel/Textiles - - 1 (2%) -
Building Materials 1 (4%) - 1 (2%) -
Digital Media 1 (4%) - 1 (2%) -
Manufacturing - - 1 (2%) -
Marketing 1 (4%) - 1 (2%) -
Real Estate - - 1 (2%) -
Semiconductors - - 1 (2%) -
Staffing - - 1 (2%) -
Total 28 $6.3B 56 $22.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 4 (14%) - 12 (21%) 7.4B (32%)
United States 7 (25%) 4.5B (71%) 10 (18%) 4.9B (22%)
  Massachusetts 1 (4%) 2.0B (32%) 1 (2%) 2.0B (9%)
  Florida 1 (4%) 1.3B (20%) 1 (2%) 1.3B (5%)
  Colorado 1 (4%) 1.2B (19%) 1 (2%) 1.2B (5%)
  District of Columbia 1 (4%) - 1 (2%) -
  Virginia 1 (4%) - 1 (2%) -
  New York 1 (4%) - 1 (2%) -
  Maryland 1 (4%) - 1 (2%) -
  New Jersey - - 1 (2%) 465M (2%)
  California - - 1 (2%) -
  Illinois - - 1 (2%) -
India 4 (14%) - 8 (14%) 301M (1%)
United Kingdom 2 (7%) - 7 (13%) 7.9B (34%)
Japan 1 (4%) 844M (13%) 5 (9%) 845M (4%)
  California - - 1 (2%) -
South Korea 2 (7%) - 3 (5%) -
Vietnam 2 (7%) - 2 (4%) -
Singapore 1 (4%) - 2 (4%) 450M (2%)
Canada - - 2 (4%) 58M (< 1%)
  Ontario - - 1 (2%) 58M (< 1%)
  British Columbia - - 1 (2%) -
Israel 1 (4%) 1.0B (16%) 1 (2%) 1.0B (4%)
Australia 1 (4%) 882K (< 1%) 1 (2%) 882K (< 1%)
France 1 (4%) - 1 (2%) -
Philippines 1 (4%) - 1 (2%) -
Taiwan 1 (4%) - 1 (2%) -
Domestic 4 (14%) - 12 (21%) 7.4B (32%)
Cross-border 24 (86%) 6.3B (100%) 44 (79%) 15.4B (68%)
Total 28 $6.3B 56 $22.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (29%) 1.0B (16%) 14 (25%) 6.1B (27%)
Buyout (LBO, MBO, MBI) 4 (14%) - 10 (18%) 450M (2%)
Stake Purchase 3 (11%) - 9 (16%) 58M (< 1%)
Growth Capital 4 (14%) - 8 (14%) -
Divestiture 3 (11%) 2.5B (39%) 7 (13%) 6.0B (26%)
Going Private 4 (14%) 2.8B (45%) 6 (11%) 10.1B (45%)
Consolidation 1 (4%) - 1 (2%) -
Venture 1 (4%) - 1 (2%) -
Total 28 $6.3B 56 $22.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (32%) 17.6B (84%)
Trade Sale - Public Company 6 (21%) 3.3B (16%)
IPO 6 (21%) -
Trade Sale 2 (7%) -
Divestiture 1 (4%) -
Merger 1 (4%) -
Sold to Management 1 (4%) -
SPAC 1 (4%) -
Stake Sale 1 (4%) -
Total 28 $20.9B

Top M&A Advisors

Financial Deals
BofA Securities
 2
Deloitte
 2
Credit Suisse Investment Banking
 1
Legal Deals
Ropes & Gray
 3
Minter Ellison
 1
Linklaters
 1

Deal Values

buy # Total
> $1B 9 $20.7B
$100M to $1B 4 $2.1B
< $100M 3 $60M
TOTAL $22.8B
Largest Nord Anglia Education, Inc.
$4.3B (2017-04-25)
sell # Total
> $1B 3 $19.7B
$100M to $1B 3 $2.0B
< $100M 1 $90M
TOTAL $21.8B
Largest Nord Anglia Education, Inc.
$14.5B (2024-10-21)

M&A Connections

Deals
Acquired from
Investor(s)
29%
16 (29%)
Strategic(s)
13%
7 (13%)
Exited to
Investor(s)
36%
10 (36%)
Strategic(s)
36%
10 (36%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

17.0B USD

Established

1997

Specialist/Generalist

Generalist

Leadership

Jean Eric Salata

Head of BPEA EQT & Chairperson of EQT Asia

Adeline Wong

Head of HR, BPEA EQT

Vijai Raghavan

Head of Operations - India

Zongzhong Tang

Head of Sustainability, BPEA EQT

Andrew Wang

Managing Director

FAQ

When was Baring Private Equity Asia founded?

Baring Private Equity Asia was founded in 1997.

What type of investor is Baring Private Equity Asia?

Baring Private Equity Asia is a private equity firm.

Where is Baring Private Equity Asia headquartered?

Baring Private Equity Asia is headquartered in Hong Kong, China.

How much capital does Baring Private Equity Asia have under management?

Baring Private Equity Asia has 17.0B USD under management.

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