Trustar Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Trustar Capital has acquired 9 companies. It has also invested in 7 others.

Trustar Capital’s most common sectors for investment aremanufacturing (13%) and business services (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and secondary buyout (25%). 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 3 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity66
    • M&A Buy Activity49
    • M&A Sell Activity17
  • Total Sectors Invested 24
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 28
  • M&A Advisors 16

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.8/yr) # 30 3 7 2 1 6 49
vol $7.1B $600M $276M $7.9B
Sell (1.0/yr) # 12 2 - - 1 2 17
vol $1.2B $1.2B
  66

Most Recent M&A

Company Date Value Type
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 2021-04-27 - Growth Capital
, China
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
DDS Lab LLC 2021-02-18 - Secondary Buyout
Tampa, Florida · www.ddslab.com
Shanghai Xiangmao Trading Co. Ltd. 2021-01-22 - Growth Capital
Shanghai, China · www.reclassified.cn
Max-Inf Holdings Ltd. 2021-01-11 - Secondary Buyout
Ningbo, China · www.max-inf.com
ISI Emerging Markets Group 2020-11-16 - Secondary Buyout
London, United Kingdom · www.isimarkets.com
ScentAir Technologies, Inc. 2020-02-19 - Secondary Buyout
Charlotte, North Carolina · www.scentair.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (15%) 181M (2%) 6 (12%) 181M (2%)
Manufacturing 2 (6%) - 6 (12%) -
Consumer Products 4 (12%) 600M (8%) 5 (10%) 600M (8%)
Machinery 2 (6%) 96M (1%) 3 (6%) 96M (1%)
Transportation 3 (9%) - 3 (6%) -
Marketing 2 (6%) 3.7B (49%) 2 (4%) 3.7B (47%)
Information Technology 1 (3%) - 2 (4%) 283M (4%)
Healthcare Services 1 (3%) 140M (2%) 2 (4%) 140M (2%)
Automotive 1 (3%) - 2 (4%) -
Education 2 (6%) - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Packaging 1 (3%) - 2 (4%) -
Technology Hardware 1 (3%) 1.9B (25%) 1 (2%) 1.9B (24%)
Communications 1 (3%) 890M (12%) 1 (2%) 890M (11%)
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Agriculture 1 (3%) - 1 (2%) -
Apparel/Textiles 1 (3%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services 1 (3%) - 1 (2%) -
Financial Services 1 (3%) - 1 (2%) -
Food - - 1 (2%) -
Life Science 1 (3%) - 1 (2%) -
Medical Products 1 (3%) - 1 (2%) -
Retail 1 (3%) - 1 (2%) -
Total 33 $7.5B 49 $7.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 17 (52%) 4.8B (64%) 19 (39%) 4.8B (60%)
United States 3 (9%) 1.9B (25%) 11 (22%) 2.3B (29%)
  Illinois 1 (3%) - 3 (6%) -
  California 1 (3%) 1.9B (25%) 2 (4%) 2.0B (26%)
  North Carolina 1 (3%) - 1 (2%) -
  Connecticut - - 1 (2%) 283M (4%)
  New Jersey - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Michigan - - 1 (2%) -
  Florida - - 1 (2%) -
Japan 5 (15%) 96M (1%) 10 (20%) 96M (1%)
Singapore 2 (6%) 140M (2%) 2 (4%) 140M (2%)
Australia 1 (3%) 600M (8%) 1 (2%) 600M (8%)
France 1 (3%) - 1 (2%) -
Germany 1 (3%) - 1 (2%) -
Kazakhstan 1 (3%) - 1 (2%) -
New Zealand 1 (3%) - 1 (2%) -
Switzerland 1 (3%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Domestic 17 (52%) 4.8B (64%) 19 (39%) 4.8B (60%)
Cross-border 16 (48%) 2.7B (36%) 30 (61%) 3.2B (40%)
Total 33 $7.5B 49 $7.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (21%) - 16 (33%) 138M (2%)
Secondary Buyout 8 (24%) 236M (3%) 12 (24%) 236M (3%)
Growth Capital 8 (24%) - 9 (18%) -
Divestiture 5 (15%) 781M (10%) 5 (10%) 781M (10%)
Going Private 3 (9%) 6.5B (86%) 4 (8%) 6.8B (85%)
Stake Purchase 2 (6%) - 3 (6%) -
Total 33 $7.5B 49 $7.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (41%) 200M (17%)
Trade Sale - Public Company 6 (35%) 999M (83%)
Trade Sale 4 (24%) -
Total 17 $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
Gibson, Dunn & Crutcher LLP
1
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)
27%
13 (27%)
Strategic(s)
12%
6 (12%)
Exited to
Investor(s)
41%
7 (41%)
Strategic(s)
59%
10 (59%)

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