Baring Private Equity Asia Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Baring Private Equity Asia has acquired 3 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 (30%) and stake purchase (18%). In total, Baring Private Equity Asia has invested in 4 US states and 11 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 2 companies. The Firm’s most common exit type is trade sale (50%). 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 Activity45
    • M&A Buy Activity33
    • M&A Sell Activity12
  • Total Sectors Invested 19
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 21
  • M&A Advisors 14

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.8/yr) # 24 3 2 2 2 - 33
vol $6.4B $3.6B $4.3B $1.0B $15.3B
Sell (0.6/yr) # 9 1 1 1 - - 12
vol $1.8B $2.2B $3.9B
  45

Most Recent M&A

Company Date Value Type
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
Nord Anglia Education, Inc. 2017-04-25 4.3B USD Going Private
Hong Kong, Hong Kong · www.nordangliaeducation.com
Weetabix Ltd. 2017-04-18 2.2B GBP Add-on Acquisition
Kettering, United Kingdom · www.weetabix.co.uk
Clarivate Analytics 2016-10-11 3.6B USD Divestiture
Philadelphia, Pennsylvania · www.clarivate.com
Cath Kidston Ltd. 2016-10-03 - Secondary Buyout
St Neots, United Kingdom · www.cathkidston.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Clarivate Analytics 2016-10-11 Decision Resources Group (DRG) 2020-01-17 5
Philadelphia, Pennsylvania · www.clarivate.com Burlington, Massachusetts · www.decisionresourcesgroup.com
Clarivate Analytics 2016-10-11 Darts-IP SPRL 2019-12-02 4
Philadelphia, Pennsylvania · www.clarivate.com Brussels, Belgium · www.darts-ip.com
Clarivate Analytics 2016-10-11 MarkMonitor, Inc. 2019-11-05 1
Philadelphia, Pennsylvania · www.clarivate.com San Francisco, California · www.markmonitor.com
Hexaware Technologies Ltd. 2013-08-24 Mobiquity, Inc. 2019-06-14 1
Princeton, New Jersey · www.hexaware.com Wellesley, Massachusetts · www.mobiquityinc.com
Clarivate Analytics 2016-10-11 TrademarkVision 2018-10-30 3
Philadelphia, Pennsylvania · www.clarivate.com Pittsburgh, Pennsylvania · www.trademark.vision
Vistra Group Holdings SA 2015-10-27 Radius GGE (USA), Inc. 2018-04-26 11
Luxembourg, Luxembourg · www.vistra.com Boston, Massachusetts · www.radiusworldwide.com
Clarivate Analytics 2016-10-11 Kopernio Ltd. 2018-04-10 2
Philadelphia, Pennsylvania · www.clarivate.com London, United Kingdom · www.kopernio.com
Vistra Group Holdings SA 2015-10-27 Deutsche Bank AG - Corporate Services Business 2017-09-14 10
Luxembourg, Luxembourg · www.vistra.com Frankfurt, Germany
Clarivate Analytics 2016-10-11 Publons 2017-06-01 1
Philadelphia, Pennsylvania · www.clarivate.com Wellington, New Zealand · www.publons.com
Vistra Group Holdings SA 2015-10-27 Foster Raffan Pty Ltd. - Compliance Division 2017-05-15 9
Luxembourg, Luxembourg · www.vistra.com North Sydney, Australia

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (22%) 1.8B (12%) 6 (18%) 1.8B (12%)
Education 3 (11%) 4.3B (28%) 4 (12%) 4.3B (28%)
Food 2 (7%) - 3 (9%) -
Medical Products 2 (7%) 1.0B (7%) 2 (6%) 1.0B (7%)
Consumer Products - - 2 (6%) -
Financial Services 1 (4%) - 2 (6%) -
Retail 1 (4%) - 2 (6%) -
Transportation 2 (7%) - 2 (6%) -
Information Services 1 (4%) 3.6B (23%) 1 (3%) 3.6B (23%)
Software 1 (4%) 3.0B (20%) 1 (3%) 3.0B (20%)
Packaging 1 (4%) 1.6B (11%) 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%) -
Information Technology 1 (4%) - 1 (3%) -
Manufacturing 1 (4%) - 1 (3%) -
Metals/Mining 1 (4%) - 1 (3%) -
Total 27 $15.2B 34 $15.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 6 (22%) 4.6B (30%) 7 (21%) 4.6B (30%)
United States 4 (15%) 4.0B (26%) 4 (12%) 4.0B (26%)
  Pennsylvania 1 (4%) 3.6B (23%) 1 (3%) 3.6B (23%)
  New Jersey 1 (4%) 465M (3%) 1 (3%) 465M (3%)
  New York 1 (4%) - 1 (3%) -
  California 1 (4%) - 1 (3%) -
India 3 (11%) 301M (2%) 4 (12%) 301M (2%)
United Kingdom 2 (7%) - 4 (12%) -
South Korea 3 (11%) - 3 (9%) -
Hong Kong 2 (7%) 4.3B (28%) 3 (9%) 4.3B (28%)
Japan 2 (7%) 640K (< 1%) 3 (9%) 640K (< 1%)
  California - - 1 (3%) -
Luxembourg 2 (7%) 1.0B (7%) 2 (6%) 1.0B (7%)
Canada 1 (4%) - 2 (6%) 58M (< 1%)
  British Columbia 1 (4%) - 1 (3%) -
  Ontario - - 1 (3%) 58M (< 1%)
Israel 1 (4%) 1.0B (7%) 1 (3%) 1.0B (7%)
France 1 (4%) - 1 (3%) -
Domestic 6 (22%) 4.6B (30%) 7 (21%) 4.6B (30%)
Cross-border 21 (78%) 10.6B (70%) 27 (79%) 10.7B (70%)
Total 27 $15.2B 34 $15.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (33%) 3.4B (24%) 10 (29%) 3.4B (24%)
Stake Purchase 2 (7%) - 6 (18%) 58M (< 1%)
Divestiture 5 (19%) 3.6B (25%) 5 (15%) 3.6B (25%)
Buyout (LBO, MBO, MBI) 3 (11%) - 5 (15%) -
Growth Capital 4 (15%) - 4 (12%) -
Going Private 3 (11%) 7.3B (51%) 3 (9%) 7.3B (51%)
Venture 1 (4%) - 1 (3%) -
Total 27 $14.2B 34 $14.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (42%) 90M (3%)
Trade Sale - Public Company 4 (33%) 3.0B (97%)
Trade Sale 2 (17%) -
IPO 1 (8%) -
Total 12 $3.1B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 1
Evercore Group LLC
 1
Goldman Sachs Investment Banking Division
 1
Legal Deals
Ropes & Gray LLP
 1
Linklaters LLP
 1
Kim & Chang
 1

Deal Values

buy # Total
> $1B 6 $14.5B
$100M to $1B 2 $766M
< $100M 2 $59M
TOTAL $15.3B
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
PE Firm(s)
72%
13 72%
Strategic(s)
28%
5 28%
Exited to
PE Firm(s)
40%
4 40%
Strategic(s)
60%
6 60%

Investor Summary

Size

Mega

PE Assets

17.0B USD

Established

1997

Specialist/Generalist

Generalist

Leadership

Dar Chen

Managing Director

Kenneth Cheong

Managing Director

Jack Hennessy

Managing Director

Gordon Shaw

Managing Director

Ashish Agrawal

Managing Director

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