Buyout (LBO, MBO, MBI) • Marketing

ICG, Unitas Capital and CVC Capital Partners Acquire YPS

On June 1, 2003, mezzanine finance firm ICG, private equity firm Unitas Capital and private equity firm CVC Capital Partners acquired marketing company YPS

Acquisition Context
  • This is ICG’s 1st, Unitas Capital’s 1st and CVC Capital Partners’ 1st transaction in the Marketing sector.
  • This is ICG’s 1st, Unitas Capital’s 1st and CVC Capital Partners’ 1st transaction in Singapore.
Investment Fate
  • YPS went public in 2004.

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M&A Deal Summary

Date June 1, 2003
Target YPS
Sector Marketing
Buyer(s) ICG
Unitas Capital
CVC Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target Company

YPS

Singapore, Singapore
YPS is a marketer and distributor of advertising-sponsored Yellow and White Page directories. YPS publishes six directories with a combined circulation of approximately 3.1 million.
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Buyers Overview 3

Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


Deal Context for Buyer #
Overall 95 of 294
Sector: Marketing 1 of 2
Type: Buyout (LBO, MBO, MBI) 69 of 112
Country: Singapore 1 of 4
Year: 2003 5 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-20 Clydesdale Financial Services

United Kingdom

Clydesdale Financial Services is the consumer credit business.Financial Services has grown to become a key provider of store cards and interest free credit products to a number of retail clients including Scottish Hydro, Karen Millen and Focus DIY.

Sell €86M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-04 Risdon Pharma

Neuenburg, Germany

Risdon Pharma is a manufacturer of primary plastic packaging for the pharmaceutical industry.

Sell €125M
Buyer

Unitas Capital

Hong Kong, China

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

Unitas Capital is a private equity firm focused on buyouts and growth capital investments in medium-to-large sized businesses across Asia. Unitas targets opportunities throughout Australia & New Zealand, Greater China, Korea, Japan and Singapore. Areas of interest include branded consumer, retail and industrial manufacturing/services. Unitas dates back to 1999 (when it was part of and known as J.P. Morgan Partners Asia) and has offices in Hong Kong and Shanghai.


Deal Context for Buyer #
Overall 3 of 17
Sector: Marketing 1 of 1
Type: Buyout (LBO, MBO, MBI) 2 of 9
Country: Singapore 1 of 1
Year: 2003 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-26 Rhythm

Hamamatsu, Japan

Rhythm Corp. is an automotive parts manufacturer specializing in steering and suspension components.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 Haitai

Seoul, South Korea

Haitai is a manufacturer and distributor of confectionery and frozen food products in Korea.

Sell -
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


Deal Context for Buyer #
Overall 75 of 329
Sector: Marketing 1 of 6
Type: Buyout (LBO, MBO, MBI) 61 of 122
Country: Singapore 1 of 3
Year: 2003 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Tech Pacific Australia Pty.

Rosebery, Australia

Tech Pacific is a distributor of IT products in Asia distributing personal computers, and peripherals, software, network servers, networking equipment and a wide range of other IT related products. Tech Pacific has operations in Australia, India, New Zealand, Hong Kong, Singapore, Malaysia and Thailand

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-18 ista International

Essen, Germany

ista International GmbH sells a range of meter hardware and also provides a comprehensive package of related services such as meter installation, meter reading, billing, data processing, and maintenance. ista International GmbH was formed in 1999 and is based in Essen, Germany.

Buy €930M