Baring Private Equity Asia Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Baring Private Equity Asia has acquired 4 companies. It has also invested in 2 others.

Baring Private Equity Asia’s most common sectors for investment arebusiness services (12%) and education (12%) . The Firm’s most common investment types include secondary buyout (33%) and going private (14%). In total, Baring Private Equity Asia has invested in 5 US states and 13 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 (38%). 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 Activity65
    • M&A Buy Activity42
    • M&A Sell Activity23
  • Total Sectors Invested 22
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 22
  • 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.4/yr) # 35 1 3 1 2 - 42
vol $15.6B $2.0B $2.8B $1.3B $21.6B
Sell (1.8/yr) # 15 1 4 3 - 1 24
vol $3.9B $3.3B $14.5B $21.8B
  66

Most Recent M&A

Company Date Value Type
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
IMG Academy Parent LLC 2023-04-25 1.3B USD Divestiture
Bradenton, Florida · www.imgacademy.com
Bushu Pharmaceuticals Ltd. 2022-12-20 - Secondary Sale
Saitama, Japan · www.bushu-pharma.com
Ginko International Co., Ltd. 2022-05-30 - Growth Capital
Taichung, Taiwan
HCP Packaging UK Ltd. 2022-05-26 - Secondary Sale
Shanghai, China · www.hcpackaging.com
Interplex Holdings Pte. Ltd. 2022-01-19 - Secondary Sale
Singapore, Singapore · www.interplex.com
CMS Info Systems Ltd. 2021-12-31 - IPO
Mumbai, India · www.cms.com
Tricor Group 2021-11-02 2.8B USD Secondary Buyout
Hong Kong, China · www.tricorglobal.com
Virtuos Holdings Pte. Ltd. 2021-09-07 - Growth Capital
Singapore, Singapore · www.virtuosgames.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Vistra Group Holdings 2015-05-22 Phoenix American - Fund Administration & Transfer Agent Business 2024-08-05 17
Hong Kong, China · www.vistra.com Larkspur, California
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 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 2015-05-22 Deutsche Bank AG - Corporate Services Business 2017-09-14 15
Hong Kong, China · www.vistra.com Frankfurt, Germany
Vistra Group Holdings 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 2015-05-22 Orangefield Trust BV 2016-09-05 13
Hong Kong, China · www.vistra.com Amsterdam, Netherlands · www.orangefieldtrust.com
Vistra Group Holdings 2015-05-22 IL&FS Trust Company Ltd. (ITCL) 2016-04-12 12
Hong Kong, China · www.vistra.com Mumbai, India · www.itclindia.com

M&A by Sector

Sector Current # Value All-time # Value
Education 2 (10%) 1.3B (12%) 5 (12%) 5.6B (26%)
Business Services 3 (14%) 2.8B (25%) 5 (12%) 3.5B (16%)
Information Technology 3 (14%) 2.0B (18%) 4 (9%) 2.0B (9%)
Medical Products 2 (10%) 1.0B (9%) 3 (7%) 1.0B (5%)
Financial Services 2 (10%) - 3 (7%) -
Food 1 (5%) - 3 (7%) -
Healthcare Services 1 (5%) - 2 (5%) 58M (< 1%)
Consumer Products - - 2 (5%) -
Retail 1 (5%) - 2 (5%) -
Transportation 1 (5%) - 2 (5%) -
Information Services - - 1 (2%) 3.6B (16%)
Software 1 (5%) 3.0B (28%) 1 (2%) 3.0B (14%)
Packaging - - 1 (2%) 1.6B (7%)
Technology Hardware 1 (5%) 844M (8%) 1 (2%) 844M (4%)
Electrical Equipment - - 1 (2%) 450M (2%)
Life Science - - 1 (2%) 640K (< 1%)
Apparel/Textiles - - 1 (2%) -
Building Materials 1 (5%) - 1 (2%) -
Digital Media 1 (5%) - 1 (2%) -
Internet Software and Services 1 (5%) - 1 (2%) -
Manufacturing - - 1 (2%) -
Real Estate - - 1 (2%) -
Total 21 $10.9B 43 $21.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 5 (24%) 5.8B (53%) 9 (21%) 7.4B (34%)
United Kingdom 2 (10%) - 7 (16%) 7.9B (36%)
India 2 (10%) - 6 (14%) 301M (1%)
United States 3 (14%) 3.3B (30%) 5 (12%) 3.7B (17%)
  Massachusetts 1 (5%) 2.0B (18%) 1 (2%) 2.0B (9%)
  Florida 1 (5%) 1.3B (12%) 1 (2%) 1.3B (6%)
  New York 1 (5%) - 1 (2%) -
  New Jersey - - 1 (2%) 465M (2%)
  California - - 1 (2%) -
Japan 1 (5%) 844M (8%) 4 (9%) 845M (4%)
  California - - 1 (2%) -
South Korea 2 (10%) - 3 (7%) -
Singapore 1 (5%) - 2 (5%) 450M (2%)
Canada - - 2 (5%) 58M (< 1%)
  Ontario - - 1 (2%) 58M (< 1%)
  British Columbia - - 1 (2%) -
Israel 1 (5%) 1.0B (9%) 1 (2%) 1.0B (5%)
Australia 1 (5%) 882K (< 1%) 1 (2%) 882K (< 1%)
France 1 (5%) - 1 (2%) -
Philippines 1 (5%) - 1 (2%) -
Taiwan 1 (5%) - 1 (2%) -
Domestic 5 (24%) 5.8B (53%) 9 (21%) 7.4B (34%)
Cross-border 16 (76%) 5.1B (47%) 34 (79%) 14.2B (66%)
Total 21 $10.9B 43 $21.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (43%) 3.8B (35%) 14 (33%) 6.1B (28%)
Going Private 5 (24%) 5.8B (54%) 6 (14%) 10.1B (47%)
Divestiture 2 (10%) 1.3B (12%) 6 (14%) 4.8B (22%)
Stake Purchase 1 (5%) - 6 (14%) 58M (< 1%)
Growth Capital 3 (14%) - 6 (14%) -
Buyout (LBO, MBO, MBI) - - 4 (9%) 450M (2%)
Venture 1 (5%) - 1 (2%) -
Total 21 $10.9B 43 $21.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (38%) 17.6B (84%)
Trade Sale - Public Company 6 (25%) 3.3B (16%)
IPO 4 (17%) -
Trade Sale 2 (8%) -
Sold to Management 1 (4%) -
SPAC 1 (4%) -
Stake Sale 1 (4%) -
Total 24 $20.9B

Top M&A Advisors

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

Deal Values

buy # Total
> $1B 8 $19.5B
$100M to $1B 4 $2.1B
< $100M 3 $60M
TOTAL $21.6B
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)
35%
15 (35%)
Strategic(s)
14%
6 (14%)
Exited to
Investor(s)
38%
9 (38%)
Strategic(s)
38%
9 (38%)

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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