Trustar Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Trustar Capital has acquired 6 companies. It has also invested in 8 others.

Trustar Capital’s most common sectors for investment aremanufacturing (12%) and business services (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and secondary buyout (23%). 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 5 companies. The Firm’s most common exit type is trade sale (50%). Trustar Capital’s largest (disclosed) exit occurred in 2015 when it sold Stackpole International for $659M.

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M&A Summary

  • M&A Total Activity73
    • M&A Buy Activity53
    • M&A Sell Activity20
  • Total Sectors Invested 23
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 29
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (4.2/yr) # 32 7 3 2 8 1 53
vol $7.7B $276M $7.9B
Sell (1.2/yr) # 14 1 - 2 2 1 20
vol $1.2B $1.2B
  73

Most Recent M&A

Company Date Value Type
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
The Colson Group, Inc. 2021-03-01 - Secondary Buyout
Oakbrook Terrace, Illinois · www.colsongroup.com
Genertec Universal Medical Group Co., Ltd. 2021-03-01 - Stake Purchase
Beijing, China · www.umcare.cn
DDS Lab LLC 2021-02-18 - Secondary Buyout
Tampa, Florida · www.ddslab.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (13%) - 6 (11%) 181M (2%)
Manufacturing 2 (8%) - 6 (11%) -
Consumer Products 4 (17%) 600M (38%) 5 (9%) 600M (8%)
Transportation 1 (4%) - 4 (8%) -
Machinery 1 (4%) 96M (6%) 3 (6%) 96M (1%)
Automotive 2 (8%) - 3 (6%) -
Marketing 1 (4%) - 2 (4%) 3.7B (47%)
Information Technology 1 (4%) - 2 (4%) 283M (4%)
Life Science 1 (4%) - 2 (4%) 140M (2%)
E-Commerce 1 (4%) - 2 (4%) -
Education - - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Food 1 (4%) - 2 (4%) -
Healthcare Services 1 (4%) - 2 (4%) -
Packaging 1 (4%) - 2 (4%) -
Technology Hardware - - 1 (2%) 1.9B (24%)
Communications 1 (4%) 890M (56%) 1 (2%) 890M (11%)
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Apparel/Textiles 1 (4%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services - - 1 (2%) -
Financial Services 1 (4%) - 1 (2%) -
Medical Products 1 (4%) - 1 (2%) -
Total 24 $1.6B 53 $7.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 13 (54%) 890M (56%) 22 (42%) 4.8B (60%)
United States 2 (8%) - 11 (21%) 2.3B (29%)
  Illinois 1 (4%) - 3 (6%) -
  California - - 2 (4%) 2.0B (26%)
  North Carolina 1 (4%) - 1 (2%) -
  Connecticut - - 1 (2%) 283M (4%)
  New Jersey - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Michigan - - 1 (2%) -
  Florida - - 1 (2%) -
Japan 3 (13%) 96M (6%) 10 (19%) 96M (1%)
Singapore 1 (4%) 600M (38%) 3 (6%) 740M (9%)
France 1 (4%) - 1 (2%) -
Germany 1 (4%) - 1 (2%) -
Netherlands 1 (4%) - 1 (2%) -
New Zealand 1 (4%) - 1 (2%) -
Switzerland 1 (4%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Kazakhstan - - 1 (2%) -
Domestic 13 (54%) 890M (56%) 22 (42%) 4.8B (60%)
Cross-border 11 (46%) 696M (44%) 31 (58%) 3.2B (40%)
Total 24 $1.6B 53 $7.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (29%) - 17 (32%) 138M (2%)
Secondary Buyout 7 (29%) 96M (6%) 12 (23%) 236M (3%)
Growth Capital 6 (25%) - 11 (21%) -
Divestiture 2 (8%) 600M (38%) 5 (9%) 781M (10%)
Going Private 1 (4%) 890M (56%) 4 (8%) 6.8B (85%)
Stake Purchase 1 (4%) - 4 (8%) -
Total 24 $1.6B 53 $7.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (35%) 200M (17%)
Trade Sale - Public Company 6 (30%) 999M (83%)
Trade Sale 4 (20%) -
Bankruptcy 1 (5%) -
Sold to Management 1 (5%) -
Stake Sale 1 (5%) -
Total 20 $1.2B

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
3
Bank of America Merrill Lynch (BofA Securities)
2
First NZ Capital Securities Ltd.
1
Legal Deals
Haiwen & Partners
5
Latham & Watkins
2
Minter Ellison
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
$100M to $1B 3 $1.2B
TOTAL $1.2B
Largest Stackpole International, Inc.
$659M (2015-08-11)

M&A Connections

Deals
Acquired from
Investor(s)
25%
13 (25%)
Strategic(s)
11%
6 (11%)
Exited to
Investor(s)
35%
7 (35%)
Strategic(s)
55%
11 (55%)

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