M&A Deal Summary

Baring Private Equity Asia Acquires Hexaware Technologies

On August 24, 2013, private equity firm Baring Private Equity Asia acquired business services company Hexaware Technologies from General Atlantic and ChrysCapital Management for 465M USD

Acquisition Highlights
  • This is Baring Private Equity Asia’s 1st transaction in the Business Services sector.
  • This is Baring Private Equity Asia’s 10th largest (disclosed) transaction.
  • This is Baring Private Equity Asia’s 2nd transaction in the United States.
  • This is Baring Private Equity Asia’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2013-08-24
Target Hexaware Technologies
Sector Business Services
Buyer(s) Baring Private Equity Asia
Sellers(s) General Atlantic
ChrysCapital Management
Deal Type Secondary Buyout
Deal Value 465M USD

Target

Hexaware Technologies

Princeton, New Jersey, United States
website
Hexaware is a niche mid-sized IT services vendor with a strong focus in domains such as BFSI, Transportation, Logistics and HR-IT solutions. The Company specializes in enterprise solutions, application management and independent testing. Hexaware employs over 8,000 people with the differentiated ERP practice addressing the IT needs of HR departments of customers.

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Buyer(S) 1

Buyer

Baring Private Equity Asia

Hong Kong, China

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 13 of 43
Sector (Business Services) 1 of 5
Type (Secondary Buyout) 1 of 14
State (New Jersey) 1 of 1
Country (United States) 2 of 5
Year (2013) 2 of 2
Size (of disclosed) 10 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-20 Magic Holdings International

Guangzhou, China

Magic Holdings International Ltd. is an investment holding company involved in research and development, manufacture, sale and marketing of skincare products.

Sell $843M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-25 CAS Group

Jakarta Timur, Indonesia

PT. Cardig Aero Services Tbk is an airport services providing company involved in ground handling, cargo handling, aircraft maintenance and catering services. PT Cardig Aero Services was founded in 1984 and is based in Jakarta Timur, Indonesia.

Sell -

Seller(S) 2

SELLER

General Atlantic

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 56 of 144
Sector (Business Services) 9 of 18
Type (Secondary Buyout) 7 of 25
State (New Jersey) 1 of 2
Country (United States) 30 of 74
Year (2013) 3 of 7
Size (of disclosed) 18 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-01 Getco

Chicago, Illinois, United States

Global Electronic Trading Company (GETCO),A leading electronic liquidity provider and trading firm.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-10 QTS

Overland Park, Kansas, United States

QTS is a provider of secure, compliant data center solutions and fully managed services. QTS’ integrated technology service platform of custom data center (C1), colocation (C2) and cloud and managed services (C3) provides flexible, scalable, secure IT solutions for web and IT applications.

Sell -
SELLER

ChrysCapital Management

Port Louis, Mauritius

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ChrysCapital Management Co. is a private investment firm focused on opportunities in India. ChrysCapital looks for companies with revenues of $50 million to $1 billion and can commit up to $250 million of equity per transaction. Target sectors include business services, consumer goods and services, financial services, healthcare and pharmaceuticals. Prospective transactions include growth investments in private and listed companies, special situations, co-investments, and management buyouts/buy-ins. ChrysCapital was formed in 1999 and is based in Port Louis, Mauritius.

DEAL STATS #
Overall 18 of 26
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 3 of 5
State (New Jersey) 1 of 1
Country (United States) 1 of 2
Year (2013) 1 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-04 CavinKare Pvt.

Chennai, India

CavinKare Pvt. Ltd. manufactures and markets personal care and food products.

Buy $44M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-25 Shriram City

Chennai, India

Shriram City is a Non-Banking Financial Company (NBFC) that was incorporated in 1986, and is a part of Shriram Group. Shriram City is providing specialized services in retail & Micro Small & Medium Enterprise (MSME) lending. Shriram City was formed in 1986 and is based in Chennai, India.

Sell -
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