Baring Private Equity Asia Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Baring Private Equity Asia has acquired 5 companies.

Baring Private Equity Asia’s most common sectors for investment are business services (18%) and education (12%). The Firm’s most common investment types include secondary buyout (26%) and stake purchase (18%). In total, Baring Private Equity Asia has invested in 4 US states and 12 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 3 companies. The Firm’s most common exit type is trade sale (43%). Baring Private Equity Asia’s largest (disclosed) exit occurred in 2017 when it sold Weetabix for $2.2B.

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity34
    • M&A Sell Activity13
  • Total Sectors Invested 19
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 21
  • M&A Advisors 13

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.6/yr) # 26 3 2 2 1 - 34
vol $9.0B $4.3B $1.0B $2.0B $16.3B
Sell (0.8/yr) # 10 1 2 - - 1 14
vol $1.8B $2.2B $3.9B
  48

Most Recent M&A

Company Date Value Type
TELUS International, Inc. 2021-02-03 - IPO
Vancouver, British Columbia · www.telusinternational.com
Virtusa Corp. 2020-09-10 2.0B USD Going Private
Southborough, Massachusetts · www.virtusa.com
Lumenis Ltd. 2019-11-19 1.0B USD Secondary Buyout
Yokneam, Israel · www.lumenis.com
Acuon Capital Corp. 2019-08-01 - Secondary Buyout
Seoul, South Korea · www.acuoncapital.com
World Freight Company International 2018-05-08 - Secondary Buyout
Roissy, France · www.worldfreight.fr
eHi Car Service Ltd. 2018-04-16 - Going Private
Shanghai, China · www.en.1hai.cn
PSB Academy Pte Ltd. 2018-01-23 - Secondary Buyout
Singapore, Singapore · www.psb-academy.edu.sg
Wall Street English 2017-11-27 - Divestiture
Qingdao,, China · www.wsi.com.cn
SAI Global Pty Ltd. 2017-10-26 882K AUD Going Private
Sydney, Australia · www.saiglobal.com
Nord Anglia Education, Inc. 2017-04-25 4.3B USD Going Private
Hong Kong, Hong Kong · www.nordangliaeducation.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 SA 2015-10-27 Radius GGE (USA), Inc. 2018-04-26 13
Luxembourg, Luxembourg · www.vistra.com Boston, Massachusetts · www.radiusworldwide.com
Vistra Group Holdings SA 2015-10-27 Deutsche Bank AG - Corporate Services Business 2017-09-14 12
Luxembourg, Luxembourg · www.vistra.com Frankfurt, Germany
Vistra Group Holdings SA 2015-10-27 Foster Raffan Pty Ltd. - Compliance Division 2017-05-15 11
Luxembourg, Luxembourg · www.vistra.com North Sydney, Australia
HCP Packaging 2015-12-16 SIMP 2016-09-19 1
Shanghai, China · www.hcpackaging.com Draveil, France · www.thermoplastique.net
Vistra Group Holdings SA 2015-10-27 Orangefield Trust BV 2016-09-05 10
Luxembourg, Luxembourg · www.vistra.com Amsterdam, Netherlands · www.orangefieldtrust.com
Vistra Group Holdings SA 2015-10-27 IL&FS Trust Company Ltd. (ITCL) 2016-04-12 9
Luxembourg, Luxembourg · www.vistra.com Mumbai, India · www.itclindia.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (23%) 767M (6%) 6 (17%) 767M (5%)
Education 3 (12%) 4.3B (34%) 4 (11%) 4.3B (26%)
Food 2 (8%) - 3 (9%) -
Information Technology 1 (4%) 2.0B (16%) 2 (6%) 2.0B (12%)
Medical Products 2 (8%) 1.0B (8%) 2 (6%) 1.0B (6%)
Consumer Products - - 2 (6%) -
Financial Services 1 (4%) - 2 (6%) -
Retail 1 (4%) - 2 (6%) -
Transportation 2 (8%) - 2 (6%) -
Information Services - - 1 (3%) 3.6B (22%)
Software 1 (4%) 3.0B (24%) 1 (3%) 3.0B (18%)
Packaging 1 (4%) 1.6B (13%) 1 (3%) 1.6B (10%)
Healthcare Services - - 1 (3%) 58M (< 1%)
Life Science 1 (4%) 640K (< 1%) 1 (3%) 640K (< 1%)
Apparel/Textiles 1 (4%) - 1 (3%) -
Building Materials 1 (4%) - 1 (3%) -
Engineering 1 (4%) - 1 (3%) -
Manufacturing 1 (4%) - 1 (3%) -
Metals/Mining 1 (4%) - 1 (3%) -
Total 26 $12.7B 35 $16.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 6 (23%) 4.6B (36%) 7 (20%) 4.6B (28%)
United Kingdom 2 (8%) - 5 (14%) 3.6B (22%)
United States 4 (15%) 2.5B (19%) 4 (11%) 2.5B (15%)
  Massachusetts 1 (4%) 2.0B (16%) 1 (3%) 2.0B (12%)
  New Jersey 1 (4%) 465M (4%) 1 (3%) 465M (3%)
  New York 1 (4%) - 1 (3%) -
  California 1 (4%) - 1 (3%) -
India 3 (12%) 301M (2%) 4 (11%) 301M (2%)
South Korea 3 (12%) - 3 (9%) -
Hong Kong 2 (8%) 4.3B (34%) 3 (9%) 4.3B (26%)
Japan 2 (8%) 640K (< 1%) 3 (9%) 640K (< 1%)
  California - - 1 (3%) -
Canada - - 2 (6%) 58M (< 1%)
  Ontario - - 1 (3%) 58M (< 1%)
  British Columbia - - 1 (3%) -
Israel 1 (4%) 1.0B (8%) 1 (3%) 1.0B (6%)
Australia 1 (4%) 882K (< 1%) 1 (3%) 882K (< 1%)
France 1 (4%) - 1 (3%) -
Luxembourg 1 (4%) - 1 (3%) -
Domestic 6 (23%) 4.6B (36%) 7 (20%) 4.6B (28%)
Cross-border 20 (77%) 8.1B (64%) 28 (80%) 11.7B (72%)
Total 26 $12.7B 35 $16.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (31%) 3.4B (27%) 9 (26%) 3.4B (21%)
Stake Purchase 1 (4%) - 6 (17%) 58M (< 1%)
Going Private 5 (19%) 9.3B (73%) 5 (14%) 9.3B (57%)
Divestiture 4 (15%) - 5 (14%) 3.6B (22%)
Buyout (LBO, MBO, MBI) 3 (12%) - 5 (14%) -
Growth Capital 4 (15%) - 4 (11%) -
Venture 1 (4%) - 1 (3%) -
Total 26 $12.7B 35 $16.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (36%) 90M (3%)
Trade Sale - Public Company 4 (29%) 3.0B (97%)
IPO 2 (14%) -
Trade Sale 2 (14%) -
SPAC 1 (7%) -
Total 14 $3.1B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
1
J.P. Morgan Securities LLC
1
Bank of America Merrill Lynch (BofA Securities)
1
Legal Deals
Ropes & Gray LLP
2
Allen & Overy LLP
1
Khaitan & Co.
1

Deal Values

buy # Total
> $1B 6 $15.5B
$100M to $1B 2 $766M
< $100M 3 $60M
TOTAL $16.3B
Largest Nord Anglia Education, Inc.
$4.3B (2017-04-25)
sell # Total
> $1B 1 $2.2B
$100M to $1B 2 $1.7B
< $100M 1 $90M
TOTAL $3.9B
Largest Weetabix Ltd.
$2.2B (2017-04-18)

M&A Connections

Deals
Acquired from
Investor(s)
29%
10 (29%)
Strategic(s)
14%
5 (14%)
Exited to
Investor(s)
36%
5 (36%)
Strategic(s)
43%
6 (43%)

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