Trustar Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Trustar Capital has acquired 3 companies. It has also invested in 6 others.

Trustar Capital’s most common sectors for investment arebusiness services (12%) and manufacturing (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and growth capital (22%). In total, Trustar Capital has invested in 8 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Focus Media Holding for $3.7B.

In the last 3 years, Trustar Capital has exited 6 companies. The Firm’s most common exit type is trade sale (48%). Trustar Capital’s largest (disclosed) exit occurred in 2022 when it sold M.A. Med Alliance SA for $1.1B.

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M&A Summary

  • M&A Total Activity77
    • M&A Buy Activity52
    • M&A Sell Activity25
  • Total Sectors Invested 23
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 30
  • M&A Advisors 20

Trustar Capital

28/F, CITIC Tower, 1 Tim Mei Avenue,
Hong Kong,
China
+852 3710 6888
www.citiccapital.com/SitePages/private-equity-eng.aspx

Trustar Capital is the private equity arm of financial services/asset manager CITIC Group. Trustar Capital separates its private equity investment activity into three groups; China, Japan, and the US. In general, Trustar looks to invest in companies with 'strong franchises', with established brands and high barriers to entry. For US-based opportunities, the firm looks to leverage its connections in China. Broad areas of interest include niche manufacturing, consumer products, and business services. The Firm does not invest in start-ups or distressed businesses. Trustar Capital is based in Hong Kong.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Food, Healthcare Services, Information Technology, Manufacturing, Real Estate

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.2/yr) # 41 2 8 1 - - 52
vol $7.9B $7.9B
Sell (1.8/yr) # 16 3 2 3 1 - 25
vol $1.2B $1.1B $275M $2.6B
  77

Most Recent M&A

Company Date Value Type
Moritex Corp. 2023-08-29 275M USD Trade Sale
Saitama, Japan · www.moritex.com
LifeStyles Healthcare Pte. Ltd. 2022-12-01 - Secondary Sale
Singapore, Singapore · www.lifestylesglobal.com
M.A. Med Alliance SA 2022-10-18 1.1B USD Trade Sale
Nyon, Switzerland · www.medalliance.com
Beijing Salion Foods Co. Ltd. 2022-03-21 - Buyout (LBO, MBO, MBI)
Beijing, China · www.salionfood.waimaotong.com
Sedona Enterprise Co., Ltd. 2022-01-01 - Bankruptcy
Tokyo, Japan · www.datsumo-labo.jp
Intramco Europe B.V. 2021-10-18 - Growth Capital
Almere, Netherlands · www.intramco.com
Rootnet Technology Co., Ltd. 2021-06-17 - Growth Capital
Beijing, China · www.croot.com
Sedona Enterprise Co., Ltd. 2021-06-01 - Divestiture
Tokyo, Japan · www.datsumo-labo.jp
Yifei Group Co., Ltd. 2021-04-27 - Growth Capital
Shanghai, China · www.yifeico.com
M.A. Med Alliance SA 2021-03-17 - Growth Capital
Nyon, Switzerland · www.medalliance.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hangzhou UCO Cosmetics Co., Ltd. 2019-04-29 TheLian 2022-01-12 1
Hangzhou, China · www.uco.com Shanghai, China · www.thelian.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (16%) - 6 (12%) 181M (2%)
Consumer Products 3 (16%) - 5 (10%) 600M (8%)
Manufacturing - - 5 (10%) -
Transportation 1 (5%) - 4 (8%) -
Machinery 1 (5%) 96M (100%) 3 (6%) 96M (1%)
Automotive 2 (11%) - 3 (6%) -
Marketing 1 (5%) - 2 (4%) 3.7B (47%)
Information Technology 1 (5%) - 2 (4%) 283M (4%)
Life Science 1 (5%) - 2 (4%) 140M (2%)
E-Commerce 1 (5%) - 2 (4%) -
Education - - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Food 1 (5%) - 2 (4%) -
Healthcare Services 1 (5%) - 2 (4%) -
Packaging 1 (5%) - 2 (4%) -
Technology Hardware - - 1 (2%) 1.9B (24%)
Software - - 1 (2%) 890M (11%)
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Apparel/Textiles 1 (5%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services - - 1 (2%) -
Financial Services 1 (5%) - 1 (2%) -
Medical Products - - 1 (2%) -
Total 19 $96M 52 $7.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 12 (63%) - 22 (42%) 4.8B (60%)
Japan 2 (11%) 96M (100%) 10 (19%) 96M (1%)
United States 1 (5%) - 10 (19%) 2.3B (29%)
  North Carolina 1 (5%) - 2 (4%) -
  California - - 2 (4%) 2.0B (26%)
  Connecticut - - 1 (2%) 283M (4%)
  New Jersey - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Michigan - - 1 (2%) -
  Illinois - - 1 (2%) -
  Florida - - 1 (2%) -
Singapore - - 3 (6%) 740M (9%)
France 1 (5%) - 1 (2%) -
Germany 1 (5%) - 1 (2%) -
Netherlands 1 (5%) - 1 (2%) -
New Zealand 1 (5%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Kazakhstan - - 1 (2%) -
Switzerland - - 1 (2%) -
Domestic 12 (63%) - 22 (42%) 4.8B (60%)
Cross-border 7 (37%) 96M (100%) 30 (58%) 3.2B (40%)
Total 19 $96M 52 $7.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (32%) - 17 (33%) 138M (2%)
Secondary Buyout 6 (32%) 96M (100%) 11 (21%) 236M (3%)
Growth Capital 5 (26%) - 11 (21%) -
Divestiture 1 (5%) - 5 (10%) 781M (10%)
Going Private - - 4 (8%) 6.8B (85%)
Stake Purchase 1 (5%) - 4 (8%) -
Total 19 $96M 52 $7.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (32%) 200M (8%)
Trade Sale - Public Company 7 (28%) 1.3B (49%)
Trade Sale 5 (20%) 1.1B (44%)
Bankruptcy 1 (4%) -
IPO 1 (4%) -
Sold to Management 1 (4%) -
Stake Sale 1 (4%) -
Unknown 1 (4%) -
Total 25 $2.6B

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 3
BofA Securities
 2
UBS Investment Bank
 1
Legal Deals
Haiwen & Partners
 5
Latham & Watkins
 2
Shearman & Sterling
 1

Deal Values

buy # Total
> $1B 2 $5.6B
$100M to $1B 6 $2.2B
< $100M 1 $96M
TOTAL $7.9B
Largest Focus Media Holding Ltd.
$3.7B (2012-12-19)
sell # Total
> $1B 1 $1.1B
$100M to $1B 4 $1.5B
TOTAL $2.6B
Largest M.A. Med Alliance SA
$1.1B (2022-10-18)

M&A Connections

Deals
Acquired from
Investor(s)
23%
12 (23%)
Strategic(s)
12%
6 (12%)
Exited to
Investor(s)
32%
8 (32%)
Strategic(s)
52%
13 (52%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

7.7B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Yichen Zhang

Chairman & CEO

Derek Wang

Senior Managing Director

Hanxi Zhao

Senior Managing Director

Ray Zhao

Senior Managing Director

Yan Zhao

Senior Managing Director

FAQ

When was Trustar Capital founded?

Trustar Capital was founded in 1978.

What type of investor is Trustar Capital?

Trustar Capital is a private equity firm.

Where is Trustar Capital headquartered?

Trustar Capital is headquartered in Hong Kong, China.

How much capital does Trustar Capital have under management?

Trustar Capital has 7.7B USD under management.

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