the global investment banking advisor for asia · 2021. 1. 14. · divested hui lau shan to. 2016....
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The global investmentbanking advisor for Asia
May 2021
The global investmentbanking advisor for Asia
The global investment banking advisor for Asia
How we are organized
2021 marks 25 years of providing high-quality M&A advice
Where we are
Our services
We provide M&A advisory services for:
We deliver global coverage for our clients from BDA’s own platform
New York
London
Mumbai
SingaporeHo Chi Minh City
Hong KongShanghai
SeoulTokyo
Chemicals Consumer & Retail
Healthcare
Industrials Services Technology
#1
1996
100
9
2
Cross-border Asian sellside M&A advisor
Founded and led since then by the same team
Bankers across three continents
Offices globally
Strategic partners
Divestitures Acquisitions Capital raisings
Debt advisory & restructuring transactions Valuations
Experts in Asian M&A
Key facts
1
BDA Partners is #1 for Asian cross-border private sellside M&A
On the ground, with local relationships
No other firm has built the same scale, focus, connectivity and deal flow in Asia
Coverage across Asia 60+ bankers in Asia 7 countries 25 years of relationship-
building
We reach Asian buyers 120+ assets sold to Asian buyers 20,000+ calls made to Asian buyers 600+ transactions with Asian participation
Long-established Asian presence
Note: (1) Target headquartered in China, India, Japan, Korea or Southeast Asia; Control transactions: i.e. a majority stake sold or acquired | Sources: Dealogic
Mumbai2005
Shanghai1998
Hong Kong2000
Tokyo2002
Singapore1996
Seoul2002
Ho Chi Minh City2014
Rank Advisor # of Deals
1 34
2 32
3 31
4 27
5 26
6 25
7 24
8 22
9 21
10 19
80% of transactions involved either the sale/acquisition of an Asian asset, an Asian buyer or an Asian seller
80% of M&A transactions with BDA as sellside advisor
75% of M&A transactions were cross-border
60% of sale to a strategic buyer vs 40% of sale to financial sponsors
2
Private, cross-border Asian sellside transactions up to US$1bn EV of last five years (2016–2020) Highlights
2020
Investment Banking Firm of the Year
Cross-Border Deal of the Year
2019
Cross-border Investment Bank of the Year
Corporate Deal of the Year
2018Investment Banking Firm of the Year
Divestiture Deal of the Year (>US$100m)
Telecommunications Services Deal of the Year
Cross-Border Deal of the Year (US$10m-US$25m)
Cross-Border Boutique M&A Investment Banker Firm Award
2017
Investment Bank of the Year
Investment Bank of the Year
Transaction of the Year (£100m-£500m)
Consumer Discretionary Deal of the Year for the sale of AnaJet to Ricoh
A recognized global M&A platform
Cross-border excellence
Worldwide reach in the middle market
Regularly honored as a top investment banking advisor
Divested a 70% stake to
2019
Divested Asian electronic cleaning chemicals business to
2020
Divested Thinh Phat Cables and Dong Viet to
2020
Acquired Rich Graviss
2020
Divested majority stake to
2019
Divested Compart Systems to
2020
Divested majority stake to
2020
Acquired 100% of EMC Holdings from
2020
3
Experts in cross-border M&A
Divested China phenolic resins plant to
2021
As an M&A-focused boutique, senior bankers globally work as one team
One team, globally
A global senior team, interacting seamlessly with our clients and each other
4
Regional senior bankers speaking with local buyers and targets
Greater ChinaJapan
India
Korea
North America Europe
Vivian RenManaging Director
Jeff ActonPartner
Euan RellieManaging Partner
Charlie MaynardNon-Executive Chairman
Andrew HuntleyManaging Partner
(Asia/Europe)
Paul DiGiacomoManaging Partner
Karen CheungManaging Director
Jeffrey WangPartner
Mark WebsterPartner
Hideyuki TozawaManaging Director
Koichiro YasudaChairman
Simon KavanaghPartner
Jonathan AikenManaging DirectorAlex Ditchfield
Director
Huong TrinhManaging Director
Rica WirianataManaging Director
Anthony SiuPartner
Dorothy CaiDirector
Jason SongDirector
Toshiaki YokoharaDirector
Howard LeePartner
Ryan JungManaging Director
Manoj BalwaniManaging Director
Kumar MahtaniManaging Director
Shinya KimuraDirector
Anindita DasDirector
Southeast Asia
Lars FreitagManaging Director
Jakub WidzykDirector
Lilian GuDirector
We are committed to six sectors
Deep industry knowledge
Chemicals Consumer & Retail Health Industrials Services Technology
Coatings Electronic
Materials Petrochemicals Plastics Specialty & fine
chemicals
Apparel & accessories
Cosmetics Food & beverage Food chains Food services Jewelry Luxury goods
Biotech Medical tech Pharma Services
Aftermarket Auto components Building materials Electronics Flow control Machinery Packaging Printing
Business services and outsourcing
Facility management
Recycling & waste management
Testing, inspection & certification
Transportation & logistics
Digital media Information Software Systems
integrators & BPO (Business Process Outsourcing)
Our global teams are organized around six dedicated sectors, building knowledge and sharing perspectives across global markets, supported by continuous deal flow in each sector
We maintain an extensive network of senior-level relationships with financial sponsors, publicly listed corporates and private companies within our sectors to deliver valuable, real-time transactional insights to our clients
Delivering valuable, real-time transactional insights to clients
5
Extensive sector expertise
Selected BDA exits
Expertise on the sellside
Processes that clear the market globally
We are among the most active sellside advisors in Asia. We draw on that experience to drive sellside processes that maximize value and certainty
Positioning for value maximization Thoughtfully designed and well-run processes Global buyer outreach
Positioning businesses for sale and spike valuation
Positioning led by senior sector bankers from process initiation, supported by our proprietary insight into private market M&A valuations in Asia and worldwide
Tailored, creative and thoughtfully constructed processes
Best-in-class transaction execution
Customized to industry and asset
Senior bankers drive buyer identification outreach
Our reach clears the market globally for our clients
Divested Nippon Oil Pump to
CITIC Capital
2018
Divested Nagano Industry to
JAFCO
2018
Divested Alliance Cosmetics Group to
Mandom Corporation
2018
Divested majority stake to
Longreach
2019
Divested a 70% stake to
Affirma Capital
2019
Divested Asian electronic cleaning
chemicals business toNippon Kayaku
2020
Divested Thinh Phat Cables and Dong Viet
toStark Corporation
2020
Premium advice and execution
60%40%
60% Strategic buyers
40% Financialsponsors
Divested a 100% stake in Young Toys to
MiraeN Group
2020
Divested Escientia Life Sciences to
Deccan Fine Chemicals
2020
Divested Hyosung Capital to
ST Leaders Private Equity2020
Divested Compart Systems to
Shanghai Wanye
2020
Divested 100% stake to
CareCapital
2020
6
Our experience is a competitive advantage
Dedication to buyside M&A
Target qualification Acquisition execution
BDA buyside engagements
We assist our clients to identify and conclude cross-border transactions efficiently and on optimal terms
Intelligent acquisition support
Identifying targets basedon clients’ criteria
Engaging with targetsand building deal interest Positioning our client Thorough due diligence
and process managementValuation and pro-forma
synergy analysisPrice and SPA
negotiation
Persistent and persuasive in our pursuit of potential sellers for our clients Highly experienced in assessing, structuring and negotiating transactions
Acquired roller coaster manufacturer, Vekoma Rides
2018
Agreed to acquire 75% of
2017
Acquired Chinese food ingredients company
Tianning Flavours
2017
Acquired
2016
Acquired
Rich Graviss
2020
Acquired
2020
7
A valuable resource for financial sponsors
Dedicated coverage team generating proprietary deal flow and exits
Credibility with financial sponsors
Financial sponsor portfolio company exits
High-volume, high-quality deal flow
The majority of BDA deals have financial sponsor involvement
Divested The Ritedose Company to
AGIC and Humanwell
2017
Divested Theodore Alexander to
Creative Home Furniture
2017
Raised growth capital
2017
Majority recapitalized by
Galen Partners
2017
Sold controlling stake to
Palamon
2017
Divest Apple World to
ZIGExN
2018
Divest Alliance Cosmetics Group to
Mandom Corporation
2018
Divested Nippon Oil Pump to
CITIC Capital
2018
Divested Nagano Industried to
JAFCO
2018
Raised growth capital from
Crescent Point
2018
Divested MFSTechnology to
DCP Capital
2018
Deals since 2016 with financial sponsors as client and/or buyer/investor
Divested majority stake to
The Longreach Group
2019
Divested a 70% stake to
Affirma/SCPE
2019
60%
Acquired EMC Holdings from
Affirma Capital
2020
Divested a 100% stake in Young Toys to
MiraeN Group
2020
Divested significant stake in Kehua Bio-
Engineering to
Gree Real Estate
2020
Strategic partnership in China and
investment byEverYi Capital
2020
Divested Escientia Life Sciences to
Deccan Fine Chemicals
2020
Divested Compart Systems to
Shanghai Wanye
2020
Divested 100% stake to
CareCapital
2020
Divested Hyosung Capital to
ST Leaders Private Equity2020
Acquired by
Broadreach and Cedar Capital
Partners2020
Series B capital raise
2020
Divested EpolinChemicals to
Chroma Color
2020
8
The annual BDA Private Equity Conference
Annual convene where blue-chip private equity investors meet outstanding private companies
BDA PE Conference 2020: connecting 28 companies to 200 high-level private equity investors representing over 60 firms
US$150bn of dry powder among investor attendees
200+Leading PE professionals attending, from 70 firms
28Company founders and CEOs presenting
US$7bnOf enterprise value among presenting companies
200+One-to-one meetings held on site
Dynamic event where an exclusive group of private equity investors meet outstanding private companies
Unique platform for outstanding private companies in the chemicals, consumer & retail, healthcare, industrials, services and technology sectors to build their profiles and network with leading PE investors
Exclusive opportunity for PE investors to hear introductory presentations by company founders or senior management, and to have one-to-one individualized access to them. This provides early exposure to companies that may explore a transaction in the medium term
9
Credibility with financial sponsors
Trusted by industry leaders, again and again
We have earned the trust of blue-chip corporate and financial clients, and been rewarded with long-term, repeat-client engagements
Repeat mandates with blue-chip clients
Strong relationships with blue-chip clients
Multiple transactions with key sponsors
Corporate clients Private equity clients
7 deals with CITIC Capital(1) 4 deals with Actis7 deals with Affirma Capital(1)
Divested Tri-Wall Holdings to
2016
Raised growth capital from
2016
Divested King KoilChina to
2016
Divested DeltaTechControls to
2014
Divested Kolon Water & Energy to
2016
Divested Teknicast to
Asian Investment Firm
2014
Divested AnthelioHealthcare to
2016
Divested Halonix to
2016
Divested Integreon to
2016
Divested Oriental Containers to
2015
9 deals with Navis(1)
Merged with
2017
Divested Theodore Alexander to
2016
Divested Hui Lau Shan to
2016
Divested Alliance Cosmetics Group to
2018
Divested MFSTechnology to
2018
Note: (1) Lists the latest deals with the company
Divested a 70% stake to
2019
Divested Nippon Oil Pump to
2018
Acquired 100% of EMC from
2020
11
The global investmentbanking advisor for Asia
Transactions
BDA transactions
Established a JV with
2020
Divested assets to
2019
Divested controlling stake to
2020
Divested Asian electronic cleaning chemicals business to
2020
Divested ThiPha Cable and Dovina to
2020
Acquired the outstanding 50% stake in its Indian JV, Rich Graviss from Graviss India
2020
Strategic Partnership in China and Investment by
2020
Divested Epolin Chemicals to
2020
Acquired EMC Holdings from
2020
Divested Young Toys to
2020
Series B capital raise
2020
Divested Escientia to
2020
Divested Sundance Mountain Resort to
2020
Divested Hyosung Capital to
ST Leaders Private Equity
2020
Divested Inawisdom to
2020
Divested Compart Systems to
2020
Divested 100% stake to
2020
Raised Series B round from
2021
Agreed to divest CouvetSwitzerland facility to
2021
Agreed to divest 70% stake to
2021
12
Divested China phenolic resins plant to
2021
Divested significant stake in
Kehua Bio-Engineering toGree Real Estate
2020
Divested majority stake to
2021
Agreed to divest majority stake in STS Group to
2021
BDA transactions (cont’d)
Agreed to divest Kingstar to Zhongping Capital
2017
Divested shares of Taiheiyo Seiki Holding to
TKY Corporation
2017
Agreed to divest Apple World to
2018
Divested MFS Technology to
DCP Capital
2018
Divested Gourmet Noodle House to
2018
Acquired roller coaster manufacturer, Vekoma Rides
2018
Divested Model Solution to
2018
Divested RTW business in China to a
Hong Kong-based investor
2018
Agreed to divest its 49% stake in Mitsubishi Motors
Philippines to
2018
Divested Parador to
2018
Divested Leyou to
2018
Investcorp invested up to $250m in
China Everbright Limited New Economy Fund
2018
Divested plant health business in Japan to
2018
Agreed to divest Alliance Cosmetics Group to Mandom
Corporation
2018
Divested Nippon Oil Pump to
2018
Divested Chrysal International to
2019
Divested Nagano Industry to
2019
Has been acquired by
2018
Acquired by
2019
Raised growth capital from
2019
Divested majority stake to
2019
Divested a 70% stake to
2019
13
Acquired by
2019
Divested LAP Laser to
2019
The global investmentbanking advisor for Asia
Partnerships
Cross-border transactions
Our reach into the US and Europe is extended by our shareholder, William Blair
Global partnership
North AmericaAtlantaBaltimoreBostonCharlotteChicagoLos AngelesNew YorkSan Francisco
EuropeAmsterdamFrankfurtLondonTel AvivZurich
East AsiaHo Chi Minh CityHong KongSeoulShanghaiSingaporeTokyo
IndiaMumbai
AustraliaSydney
Not Disclosed
has been acquired by
OAT Agrio
2018
CHF185,000,000
has been acquired byHangzhou Great Star
Industrial Care
2018
US$429,000,000
has merged with
Aegis Global
2018
Partnership with William Blair gives added global reach in the global middle market
15
Not Disclosed
has been acquired by
Argand Partners
2020
Not Disclosed
has been acquired by
Infosys
2020
Not Disclosed
has been acquired by
Triton
2020
9 Years of equity partnership
23 Offices worldwide
20+Years of relationship building
150+ M&A transactions annually
500+ Investment banking employees
#1 Investment banking advisor(2)
60% Repeat clients in 2020
30% Cross-border deals(1)
$250m Average transaction size
(1) Statistics from January 1, 2016 to December 31, 2020(2) Earned by William Blair for transactions under $2 billion with private equity involvement (MergerMarket data)
US$1,015,000,000
has been acquired by
Telus International
2020
Not Disclosed
Has sold its manufacturing facility in Anagni, Italy to
Catalent
2019
Not Disclosed
has been acquired by
Neste Corporation
2020
Not Disclosed
has been acquired by
Nordic Capital
2020
Advanced Ballistic Protection Business
has been acquired by
Avon Rubber
2020
A snapshot of William Blair – BDA
Dedicated to Asia, with global reach
Not Disclosed
has been acquired by
Ricoh
2019
Partnership in Japan
Development Bank of Japan is a 100% government-owned bank Notable transactions
Our reach into Japan is extended by our shareholder and partner, DBJ
US$150bn-balance sheet government bank
Deep well of capital available to support M&A
Access to Japanese blue-chip CEOs
High-quality establishment
1,000+ bankers across 19 offices in Japan
100+ bankers across six offices in Asia
Acquired minoritymembership interest
Cricket Valley Energy Center
2018
Acquired minority membership interest
inSouth Field Energy
2018
Divested HR Japan Holdings to
TOMEI
2019
Acquired
South Field Energy
2019
Acquisition of minority shares
Tohoku Seimitsu
2019
Divested M. Tsubomito
Beijing Xiyu
2019
Acquired 25% shares
PT. Energy Sakti Sentosa
2019
Acquired 9.5% shares
PAL Holdings
2019
Kanto Railway TOB to
Keisei Railway
2020
Partnership with DBJ furthers global reach and access to capital
16
Divested KG Logisticsto
Daio Logistics
2020
Acquired share of
Leifeld Metal Spinning AG
2020
Acquired share of
Petrovietnam Low Pressure Gas
2020
The global investmentbanking advisor for Asia
Management
Management
Euan Rellie is a Managing Partner and co-founder of BDA,based in New York. He is also President of BDA Advisors Inc,the firm’s SEC/FINRA registered broker-dealer. Sincefounding BDA in 1996, he has lived in New York and London,and Singapore, and has worked in China, Taiwan, Korea,Japan, India and across the Middle East. 1990-1996, heworked for Schroders, the UK investment bank now part ofCitigroup, in New York, London and Singapore. He was Headof SE Asia Execution for Schroders Asia-Pacific RegionalAdvisory Group. His clients include AgFeed, Ardian, BainCapital, CITIC Capital, Dainippon Ink & Chemical, DuPont,Ecolab, Flex, Hanjin, Happy Socks, ICICI, Intel, Investcorp,Kraft Foods, Life Technologies, Lubrizol, Materion, Nalco, OneEquity Partners, OpenGate Capital, Pfizer, Philip Morris,Platinum Equity, Sara Lee, Sigma-Aldrich, Tenneco, Terex,ThomsonReuters, Wockhardt and Yucaipa. He was namedDealmaker of the Year in 2016 and 2012 (by The M&AAdvisor), 2014 North American Investment Banker of theYear, and one of the Top 50 Global M&A Dealmakers (by TheGlobal M&A Network). He was educated at Eton and TrinityCollege, Cambridge.
Euan RellieManaging PartnerNew York
18
Andrew Huntley is a Managing Partner. Joining the foundersin 1998, he established and oversaw BDA’s early Asian officesin Singapore, Shanghai and Hong Kong, co-managed BDA’sNew York office from 2002, and managed its London officefrom 2005 to 2018. He now has a pan-Asian role travellingwidely in Asia and Europe from his base in HCMC and alsooversees BDA’s global Healthcare sector. He has advised ontransactions across Asia, Europe and the US for blue chipcorporates such as Arkema, Celestica, Clariant, Henkel,Johnson Matthey, Pfizer, Rexel, Sumitomo Chemical, SunGard,Tata and Weir Group and financial sponsors such as Actis,Ardian, Ares, EQT, LDC, Investcorp, Prudential, Segulah andSTIC. Before BDA, he worked for the Jardine Matheson Groupin Greater China and Vietnam. He was the GroupRepresentative in Vietnam with responsibility for investmentsand businesses there. Mr. Huntley was educated at OxfordUniversity (MA Hons, Chinese). He is fluent in Mandarin andconversant in Vietnamese.
Andrew HuntleyManaging PartnerAsia / Europe
Paul DiGiacomo is a Managing Partner. He joined BDA in 1997,and has lived in Asia since 2000. Mr. DiGiacomo founded andheads BDA's SE Asia practice, and oversees the teams in HongKong, Ho Chi Minh City, and Singapore. Mr. DiGiacomo hasadvised clients on transactions in most Asian markets. He hasadvised both blue chip corporate clients such as Arkema,Celestica, Ecolab, Jardine Matheson, Minor Group, Molex,Rexel, ST Technologies, Thomson Education, and ThomsonReuters, and financial sponsors such as Actis, EQT, Fortress,LDC, Mekong Capital, Navis Capital, Prudential, StandardChartered PE and VinaCapital. Mr. DiGiacomo was educated atTrinity College (BA Hons, Political Science).
Paul DiGiacomoManaging PartnerSE Asia
Charlie Maynard is a co-founder and Non-Executive Chairmanof BDA. Since founding BDA in 1996, Mr. Maynard has beenbased in Singapore, Tokyo, New York, Beijing, and nowLondon. Mr. Maynard was based in Tokyo from 2002 to 2005and established BDA’s office there and in Seoul. He has beenBDA’s Non-Executive Chairman since January 1, 2021. He hasadvised on a large number of successful transactionsthroughout the region on behalf of both strategic and privateequity clients. Prior to BDA, he worked for the JardineMatheson Group in Hong Kong and Singapore. Mr. Maynardwas educated at Oxford University (MA Hons, Geography).
Charlie MaynardNon-Executive ChairmanLondon
Jeff Acton is a Partner based in Tokyo. Mr. Acton has a solidtrack record in originating and executing acquisitions anddivestments for corporate clients and financial sponsors inJapan, China, Korea and Singapore, with a focus on theadvanced manufacturing, automotive, consumer and specialtychemicals sectors. Clients for whom he has advised ontransactions in Asia include Clariant, Cookson Group, Henkel,J-Will Partners and Kennametal among others. He started hiscareer as an aerospace engineer with Pratt & Whitney inCanada. Mr. Acton has an MBA from INSEAD in France, and anMSc/BSc from Queen's University in Canada (with a year atKyoto University). Mr. Acton is fluent in spoken and writtenJapanese and conversant in French.
Jeff ActonPartnerTokyo
Howard Lee is a Partner based in Seoul. He joined BDA in2015 as head of the BDA Seoul office. Before joining BDA, heled the M&A division of Samsung Securities, Korea’s leadingdomestic investment banking firm, for four years. He wasresponsible for sourcing and executing domestic and cross-border M&A transactions for Korean corporates, privateequity firms, and Government-related companies. His clientsinclude several Samsung Group entities, Affinity, Carlyle, CVC,Goldman Sachs, Hyundai, Kolon, Korea Telecom, KTB, LG,Lotte, MBK, POSCO, SK, Standard Chartered and Visteon.Between 2004 and 2011, Mr. Lee worked as an AssociateDirector at Macquarie Securities’ M&A group in Seoul. Mr. Leeholds a BA, International Economics from Seoul NationalUniversity. He is fluent in Korean and English.
Howard LeePartnerSeoul
Management (Cont’d)
19
Simon Kavanagh is a Partner based in Hong Kong. He joinedBDA in 2013 and has 24 years’ M&A experience. Beforejoining BDA, he spent nine years with JPMorgan. Hisexperience covers most sectors, with a particular focus onindustrial companies. His multinational corporate clients haveincluded Thomson Reuters, Kerry Group, FIS, JohnsonControls and Mitsubishi Corporation. He has advised many ofthe leading private equity firms in Asia, and has helpedmultiple founder-led companies. In addition to private andpublic M&A transactions he has worked on IPOs, capitalraisings, and material transactions on the Hong Kong andLondon Stock Exchanges. Mr. Kavanagh has a degree inEconomics from the University of Stirling in Scotland, aMasters in International Business from University CollegeDublin in Ireland, and he studied Mandarin at XiamenUniversity in China. He has lived in Asia for 16 years.
Simon KavanaghPartnerHong Kong
Anthony Siu is a Partner and the co-head of BDA’s Shanghaioffice.. He joined BDA in 2016. Before joining BDA, he led theGreater China investment banking team at Robert W. Baird for8 years, focusing on cross-border M&A between USA/Europeand Greater China. Before that, he was a Director at theCorporate Advisory division of Standard Chartered,responsible for public and private M&A. Earlier, he worked atDaiwa Securities and Schroders where he managed a varietyof M&A and equity capital markets transactions. He hasadvised Asian corporate clients such as China Life, CLP,Hopewell, Kerry, New World, Ping An, Sinochem andWheelock, as well as financial sponsors CDH, CITIC Capital,EQT and Hony. Anthony received an Executive MBA from theKellogg School of Management at Northwestern Universityand HKUST and holds a BA from Pomona College, USA. Heworked in the audit department of KPMG after graduation andqualified as a CPA in California. He is fluent in English,Mandarin and Cantonese.
Anthony SiuPartnerShanghai
Jeffrey Wang is a Partner and the co-head of BDA’s Shanghaioffice. He joined BDA in 2001. From 1995 to 2001, Mr. Wangworked in the Investment Banking Division of Salomon SmithBarney, and its predecessor, Schroders PLC, based in Shanghaiand Hong Kong. There, he advised multinational companies ona number of acquisitions, JVs and other direct investments inChina, as well as IPOs and private placements for Chinesecompanies. From 1988 to 1995, he worked as correspondentbanking officer in the International Division of the Bank ofCommunications, one of the largest commercial banks inChina. Mr. Wang speaks fluent Mandarin and English and waseducated at Beijing University (BA, Economics).
Jeffrey WangPartnerShanghai
Mark Webster is a Partner and the head of BDA’s Singaporeoffice. He joined BDA in 2005, then he has advised on a rangeof successful sellside and buyside transactions for bothprivate equity and corporate clients such as CITIC Capital,Kerry Group plc and Sherwin-Williams Inc. Previously Mr.Webster worked for Standard Chartered Bank in Shanghai asa Vice President assisting companies such as BP, Syngenta andUPS with strategic and operational funding. Prior to that heworked at JPMorgan’s London office (earlier Robert FlemingInvestment Bank) as a Mergers and Acquisitions Associate.From 1995 to 1998 he trained at Arthur Andersen in London,qualifying as a Chartered Accountant (ACA). Mr. Webstergraduated from Oxford University (MA Hons, Modern Historyand Economics) and speaks Mandarin Chinese and French.
Mark WebsterPartnerSingapore
Koichiro Yasuda is Chairman and Managing Director based inTokyo. He joined BDA in 2015. Before BDA, Koichiro Yasudaworked at Deutsche Securities Japan as Head of InvestmentBanking, Managing Director, and Vice Chairman. Before that,he was Head of Advisory and Managing Director at MerrillLynch Japan, Co-Head of Advisory at Nikko Citigroup, andHead of M&A at UBS Warburg (Japan). Mr. Yasuda began hiscareer in 1981 at Long Term Credit Bank of Japan, where hewent on to be Head of M&A. Mr. Yasuda has closed more than100 transactions across multiple industries. He holds a BA inEconomics from Keio University, a MPA from The KennedySchool at Harvard University, and a MA in Economics fromYale University.
Koichiro YasudaChairman – JapanTokyo
Jonathan Aiken is a Managing Director based in London. Hejoined BDA in 2007. Mr. Aiken has transaction experience inindustrials, automotive, specialty chemicals and technology,including the sale of TitanX to the Tata group and JCCAdvanced Lighting to Leviton Manufacturing. His clientsinclude MacLean-Fogg, EQT, Tata Group, Actis and LDC.Before joining BDA, Mr. Aiken worked for Taylor-DeJongh onglobal project finance in the energy and infrastructure sectors.Mr. Aiken works across Europe, with a focus on Scandinavia.He holds an MBA and a Masters in International Affairs fromthe George Washington University. He is fluent in English andFrench and proficient in Mandarin.
Jonathan Aiken, CFAManaging DirectorLondon
Management (Cont’d)
20
Manoj Balwani is a Managing Director based in Mumbai andleads the Technology sector for India. He has over 11 years ofexperience and has closed over 20 M&A/PE/IPO/QIPtransactions while building strong domain expertise acrosssub-segments within Technology, covering IT Services, BPO,Analytics, Enterprise Software, ER&D, Payments/Fin-Tech,Consumer Tech and New Age Technologies (AI/ML etc.). Someof his clients include TTEC, Majesco, Mastek, Motif, ICRA(Moody’s subsidiary), Tejas Networks, Jupiter Capital, Altran,FINO, ISON Group, What’s on India, Macmillan Group, ZensarTechnologies, TIME Education, Nazara, and IndiaMart. Prior toBDA, Mr. Balwani worked with Edelweiss Financial Servicesas an Associate Director in the Technology, Media, Telecomand Education Investment Banking practice. Before Edelweiss,he was part of the Technology Investment Banking practice atErnst & Young and Avendus. Mr. Balwani holds a dual degree(B.Tech+M.Tech) from IIT Madras. He speaks English, Hindiand Sindhi.
Manoj BalwaniManaging DirectorMumbai
Karen Cheung is a Managing Director based in Hong Kong. Shejoined BDA in 2012 covering Greater China and SE Asia. Shehas advised on cross-border sell-side, buy-side and capitalraising for both private equity and corporate clients across anumber of industries including retail and consumer, food &beverage. Transactions she has advised on include the sale ofNavis Capital’s portfolio KFC franchise in HK and Macau, thesale of Navis Capital’s investment in Hui Lau Shan dessertchain in Greater China and SE Asia, the capital raising for NKid Corporation in Vietnam from Standard Chartered PrivateEquity and SunGard’s divestment of its Singapore-based retailbanking business to Silverlake Axis Ltd. Previously Ms.Cheung has worked in PwC Transactions Services and Ernst &Young in both Hong Kong and Canada. She qualified as aChartered Accountant with the Canadian Institute ofChartered Accountants and has a BA in Commerce from theUniversity of Toronto. She is fluent in English, Mandarin andCantonese.
Karen CheungManaging DirectorHong Kong
Lars Freitag is a Managing Director based in Singapore. Mr.Freitag has experience across a variety of sectors, includinggeneral industrials, environmental (clean technology,recycling and waste management, water/wastewatertreatment, renewable energy), food and agriculture, financialservices, and TMT. Mr. Freitag started his career as amanagement consultant with McKinsey & Co. in London andSingapore. He also worked for Citigroup Salomon in HongKong and TC Capital in Singapore, with positions in M&Aexecution, financial sponsor coverage, specialsituations/proprietary investments, and structured andleveraged finance. He holds an MBA from INSEAD and a BBS(Hons) from Trinity College Dublin.
Lars FreitagManaging DirectorSingapore
Ryan Jung is a Managing Director based in Seoul. He joinedBDA in 2015. Before joining BDA, he was Vice President of theinvestment banking division in Macquarie Capital Korea,performing various due diligence, valuation, business analysisand M&A advisory services for seven years. He wasresponsible for sourcing and executing domestic and cross-border M&A and private placement transactions for Koreancorporate and private equity firms. He has transactionexperience in consumer retail, car rental, online service,education, food production, logistics, technology, media andindustrial. He holds a MS degree in Finance from INSEAD anda BS degree in Electronic Engineering (minor in Economics)from Seoul National University. He is fluent in English andKorean.
Ryan JungManaging DirectorSeoul
Kumar Mahtani is a Managing Director and head of BDA’sMumbai office. He joined BDA in 2011. Before joining BDA, Mr.Mahtani was an Associate Director at KPMG India, responsiblefor structuring transactions for investments by global privateequity firms in India, mergers / demergers and restructuringof Indian Corporates and MNCs, and outbound acquisitions byIndian groups. He has transaction experience in industrials,healthcare, chemicals and consumer sector and his clientsinclude Blue Star, ICICI Venture, Larsen & Toubro, NavisCapital Partners, Omnova Solutions, Terex Corporation, andWockhardt. Mr. Mahtani is a Chartered Accountant (CA), andhas a Bachelor’s degree from the University of Mumbai (H.R.College of Commerce & Economics). He is fluent in English andHindi, and speaks basic Sindhi.
Kumar MahtaniManaging DirectorMumbai
Vivian Ren is a Managing Director based in Shanghai. She has19 years’ investment banking and finance experience and waspreviously Executive Director of M&A at UBS Securities inShanghai, where she advised on the consumer sector andrelated transactions. She advised on Diageo’s partial tenderoffer for Swellfun, Rise Education’s dual track sale, andnumerous other transactions. She began her investmentbanking career at Credit Suisse in Hong Kong, followed byroles at HSBC, Rothschild, and Houlihan Lokey in China. Sheholds an MBA from the University of Michigan, and a BA fromthe Shanghai University of Finance and Economics, she speaksMandarin and English.
Vivian RenManaging DirectorShanghai
Management (Cont’d)
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Huong Trinh is a Managing Director based in Ho Chi Minh City,Vietnam. Prior to joining BDA in 2018, she worked at PwC(Vietnam) for 11 years with a focus on M&A and relatedservices. Ms. Huong has been acting as a sell-side and buy-sidelead advisor on various sectors and successfully supportedtransactions such as Stark Corporation’s acquisition of ThinhPhat Cables and Dovina, Nichirei’s acquisition of a minoritystake in Cholimex Food, Mayr Melnhof’s acquisition of acontrol stake in VIDON, a group of foreign investors in theiracquisition of significant minority stake into Trapharco, AsahiGlass & Mitsubishi’s joint acquisition of a controlling stake inPhu My Plastics and Chemicals and Hop Nhat in theirdivestment to Vingroup. Huong holds a Masters Degree(Distinction) in International Business from the University ofDundee, the UK. Huong is fluent in Vietnamese and English.
Huong TrinhManaging DirectorHo Chi Minh City
Rica Wirianata is a Managing Director based in Singapore,covering the Indonesian and Singapore markets for BDA. Shehas significant capital markets experience with theinstitutional sales teams of Credit Agricole-Indosuez, ABNAmro, CLSA and Deutsche Bank servicing sovereign wealthfunds and leading institutional investors. Her main coverageareas were ASEAN markets with special focus on Singaporeand Indonesia. She subsequently spent five years serving as afinancial advisor for a privately held company in the businessservices sector in Indonesia, driving M&A execution andorganic expansion. She most recently worked for a global non-profit organization in Singapore before joining BDA. MsWirianata graduated from Case Western Reserve Universitywith a B.Sc. in Management (Finance) and holds an MBA fromthe Weatherhead School of Management. She is fluent inBahasa Indonesia and Mandarin Chinese.
Rica WirianataManaging DirectorSingapore
Kwang-Joon Kim is a Senior Executive Director based in Seoul,specialising in M&A and capital raising advisory services. Hepreviously worked at Credit Suisse for 14 years, where he lednumerous landmark M&A transactions for key conglomeratesand major financial institutions in Korea. Prior to joiningCredit Suisse, Mr. Kim worked at McKinsey, where he wasinvolved in corporate finance, turnaround strategy and M&Atransactions for large conglomerates and major financialinstitutions in Korea. He has experience in consumer andretail, transportation, utilities, chemicals, financial institutionsand general industries. Mr. Kim is a CFA charter holder and aregistered CPA in Korea. He earned his MBA from StanfordUniversity and graduated from Seoul National University.
KwangJoon KimSenior Executive DirectorSeoul
Dorothy Cai is a Director based in Shanghai. Before joiningBDA, Ms. Cai worked as an Equity Research Analyst for ChinaInternational Capital Corporation (CICC), one of the leadingChinese investment banks. Ms. Cai covered listed companiesin Shanghai and Hong Kong with a focus on the Steel sector.She conducted in-depth industrial research and preparedinvestment reports based on market intelligence andquantitative modeling. Prior to that, Ms. Cai worked inAssurance and Advisory Business Service Department of Ernst& Young Shanghai, where she provided auditing and internalcontrol evaluation services for MNCs and SOEs. Ms. Cai holds aMBA from China Europe International Business School and aBachelor degree in Economics from Peking University. She isfluent in Mandarin and English.
Dorothy CaiDirectorShanghai
Anindita Das is a Director based in Singapore. Ms. Das advisesprivate equity funds, entrepreneurs, and corporates ondivestments and capital raises. Ms. Das has more than twelveyears of M&A and private equity experience acrossSouth/South East Asia. Before joining BDA, she was anExecutive Director at TC Capital in Singapore where sheexecuted transactions across SEA in consumer, industrials,ecommerce, real estate and chemicals. Prior to TC Capital, Ms.Das worked with Blue River Capital Advisors in Mumbaiwhere she completed investments in the auto components,textiles and construction sectors. Ms. Das holds an MBA inInternational Finance from Brandeis International BusinessSchool in Massachusetts. She is fluent in English and Hindi andis a native Bengali speaker.
Anindita DasDirectorSingapore
Hideyuki Tozawa is a Managing Director and Co-Head ofBDA’s Tokyo office. Before joining BDA, Mr. Tozawa worked atDeloitte Tohmatsu Financial Advisory, where he was apartner and Head of Telecommunications, Media &Entertainment in Japan and primarily focused on advisingleading Japanese corporations on cross-border M&A. Prior tothat, he was Head of Telecommunication, Media,Entertainment and Technology in Investment Banking inMacquarie Capital Japan. Mr. Tozawa began his career in 1993at Mitsui & Co., Ltd., and then established core Technology,Media and Telecom experience at NTT. He has also developedextensive experience in Private Equity and Venture Capital atThe Carlyle Group, Intel Capital and Shinsei Bank. He holds aMaster of Science in Electronical Engineering from KeioUniversity. He is fluent in English and native in Japanese.
Hideyuki TozawaManaging DirectorTokyo
Management (Cont’d)
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Jakub Widzyk is a Director based in Hong Kong. Prior to hisrelocation to Asia in 2018, Mr. Widzyk was based in theLondon office of BDA for six years. He has transactionalexperience in the automotive, consumer, general industrials,services and technology sectors. His clients include EQT,Terex, CSLI, MacLean-Fogg, and Resource Partners, amongothers. Before joining BDA, he gained transactional experienceat Kerburn Rose, in New York, and in Warsaw, in the equityresearch department of PKO Bank Polski and the investmentoffice of PTE PZU, an insurance group. Mr. Widzyk holds anMSc in Finance degree from IE Business School in Madrid anda BA in Finance and Accounting from Warsaw School ofEconomics.
Jakub WidzykDirectorHong Kong
Toshiaki Yokohara is a Director based in Tokyo. He worked atBDA from 2006 to 2011. He left BDA in 2011, to join thereorganization / financial advisory team of Deloitte TohmatsuFinancial Advisory, before returning to BDA in 2013. Mr.Yokohara has 10+ years of M&A experience and has advisedon domestic and cross-border M&A transactions in Japan inthe automotive, advanced manufacturing, chemical andpersonal care industries. Before 2006, Mr. Yokohara workedin the Accounting Division at American International Group(AIG) K.K. in Tokyo, where he conducted financial analysisand prepared financial statements for AIG subsidiaries inJapan. Mr. Yokohara holds a Bachelor degree in BusinessAdministration from Meiji University. He also holds Master ofAccountancy from Golden Gate University. He is fluent inEnglish and Japanese.
Toshiaki YokoharaDirectorTokyo
Lilian Gu is a Director based in Shanghai. Before joining BDA,Ms. Gu worked as an Analyst at Huasong Capital, a Chinesebased PE firm, where she conducted research for Huasong’sdirect investments in Chinese SMEs in the forestry,sportswear retail, financial service, and education sectors.Before that, she worked at the Shanghai office of PacificEpoch, an independent American equity research firm, whereshe tracked US-listed Chinese online media companies. Ms. Guholds a Bachelor’s degree in Communication from FudanUniversity and attended Yale Summer School. She speaksfluent Mandarin and English.
Lilian GuDirectorShanghai
Jason Song is a Director based in Shanghai, before which hewas a member of BDA’s New York and Tokyo offices. Mr. Songadvised Navis Capital in China’s largest control exit in 2014 bya private equity group, the sale of Trio to Weir plc; otherclients include leading global multinationals such as BASF, CRBard, Henkel, International Paper, Magna and Mars. Beforejoining BDA, Mr. Song worked at the Carbon DisclosureProject in London, where he undertook research on electricalutilities for leading US pension funds. Prior to that, he workedfor the Liberal Democrats in the House of Commons of theUnited Kingdom conducting economic analysis on educationpolicy. Mr. Song was educated at the University of Wisconsin(BA, Economics), the University of Paris (Maîtrise, PoliticalScience) and the London School of Economics and PoliticalScience (Master, Philosophy and Public Policy). He speaksEnglish, Mandarin and French.
Jason SongDirectorShanghai
Shinya Kimura is a Director based in Tokyo. Before joiningBDA, Mr. Kimura worked at Amidas Partners, a Japanese M&Aboutique firm, where he was responsible for originating andexecuting M&A transactions, reorganizations, and MBOs in theconsumer, retail, industrial, and technology sectors for clientssuch as Asahi Breweries, Cross Communication, MitsubishiMaterials and Roland. Mr. Kimura holds an MSc in Financefrom London Business School as well as Master of Media andGovernance and Bachelor of Arts in Policy Management fromKeio University. He is fluent in English and Japanese.
Shinya KimuraDirectorTokyo
Alexander Ditchfield is a Director based in New York. Prior tomoving to New York in 2016, he worked in BDA’s Shanghaiand Hong Kong offices for seven years. Clients for whom hehas advised on transactions include CHS, CITIC Capital, Kerry,Littlejohn, MacLean-Fogg, Molex, and Pfizer, among others.Before joining BDA, he worked on policy for the EuropeanUnion’s SWITCH-Asia and Asia Invest projects, promotingsustainable development, trade and investment flow betweenEU and Asia, at the EU Project Incubation (EUPIC) Centre inChengdu, China. He graduated with a BSc in Economics fromCardiff University in the UK. He speaks Mandarin and English.
Alex DitchfieldDirectorNew York
The global investmentbanking advisor for Asia
Our case studies
M&A case study: Henkel
Buyer Seller Asset
BDA acted as exclusive financial advisor to Henkel AG & Co. KGaA (“Henkel”) on the divestment of its Asian electronic cleaning chemicals business (the ”Business”) to Nippon Kayaku Co., Ltd. (“Nippon Kayaku”)
Part of Henkel’s Adhesives Technologies Division, the Business supplies mission-critical cleaning chemicals for LCD panel and semiconductor production for blue-chip clients in Mainland China, Japan and Taiwan
A stable, high-margin but non-core operation, Henkel engaged BDA to run a global process for this attractive asset on the strength of three previous successful BDA-led exits in the region
BDA leveraged its global network to access potential buyers worldwide, spanning Asia, Europe and the US. Strategic buyers were contacted as a priority while selected financial sponsors with relevant portfolio companies also participated. The bidding process was tightly managed, resulting in multiple attractive offers, further leading to value maximization for the seller through strong competitive tension
BDA’s Shanghai and Tokyo offices led the transaction, coordinating closely to great effect in another example of successful cross-office execution
Going forward the Business will operate under Nippon Kayaku’s Functional Chemical, helping expand its LCD and FPD market share and access previously untapped customers and geographies. A Transitional Services Arrangement – negotiated as part of the transaction - will smooth the operational transfer
This transaction once again underlines BDA’s strong position in advising multinationals to divest non-core operations in Asia – particularly those with region-wide assets requiring multi-country coverage
Sale of Henkel’s Asian Electronic Cleaning Chemicals Business to Nippon Kayaku
Divested its Asian electronic cleaning chemicals business to
2020
Case study – Chemicals
24
M&A case study: Rich Products
Advised Rich’s on the control of Rich Graviss
BDA acted as the exclusive financial advisor to Rich Products Corporation (“Rich’s”), a family-ownedfood company dedicated to toppings for pizzas and icings for cakes, appetizers and specialty toppingson the acquisition of the outstanding 50% stake in Rich Graviss from its joint venture partner GravissGroup
Rich’s products are used in homes, restaurants and bakeries around the world. Their portfolio includescreative solutions geared at helping food industry professionals compete in foodservice, retail, bakeryand deli. With global operations in 100 locations and annual sales exceeding US$4bn
Rich Graviss is a longstanding Indian leader in non-dairy toppings, icing, and cooking creams. Rich’swill continue to grow this bakery and food service business. India has been a key growth market forRich’s and continues to be a high priority
BDA’s deal team which is based in Mumbai and New York provided insights to its client on the Indianconsumer market and deal dynamics through the entire acquisition process. Starting from a wideauction process led by the sellers, BDA converged the transaction into a bilateral process which lead tomultiple rounds of negotiations, valuation discussions, key terms of acquisition and other tax relatedissues to achieve a successful closure
Rich’s successfully acquired 50% stake in Rich Graviss in April 2020
Terms of the transaction were not disclosed
Buyer Seller Asset
Acquired the outstanding 50% stake in its Indian JV, Rich
Graviss from
Graviss Group
2020
Case study – Consumer & Retail
25
Buyer Seller Asset
M&A case study: Young Toys
Advised PAG on the divestment of Young Toys to MiraeN
Notes: (1) Hwasung, ANP and BSG on a combined basis
BDA served as the exclusive sell-side financial advisor to the PAG Asia Capital (“PAG”) of Young Toys, on their sale of 100% stake to MiraeN and two Korean private equity funds – Nvestor Co. and Corstone Asia– Nvestor Co. is wholly owned by MiraeN, while Corstone Asia is a local private equity firm dedicated to
investments in middle-market buy-out With US$40 billion in assets under management, PAG is one of the world’s largest Asia-focused private
investment firms Through the sale of Young Toys, PAG successfully exited from PAG Asia Fund I where tremendous internal
rate of return was achieved Through the purchase of Young Toys, MiraeN is anticipated to transform into an educational entertainment
company by taking advantage of Young Toys’ toy and animation content BDA helped PAG to identify and sell Young Toys to the best strategic investors who the market had never
expected as typical investors in this sector Since the discussion with the MiraeN-led consortium launched, BDA had put its best efforts to promote
Young Toys’ fundamental strength regardless of temporary economic uncertainties As a result, this transaction marked as the first Korean transaction to have been revived after being put on
hold due to Covid-19 pandemic in Korea
Case study – Consumer & Retail
Divested 100% stake in Young Toys to
2020
26
M&A case study: Neoss Limited
Buyer Seller Asset
BDA Partners acted as the exclusive sell-side financial advisor to Neoss, and the shareholders backing Neoss, notably MMC Ventures and Delta Partners, on the sale of a 100% equity stake to CareCapital
Founded in 2000, Neoss offers intelligent dental solutions that are intuitively simple to use. Headquartered in Harrogate, UK, with research and development based in Gothenburg, Sweden, the company has established a global footprint with a longstanding presence in key markets, including direct sales in Europe, the US and Australasia. Neoss has additional global reach in Asia and the Middle East & Africa through distribution channels. Neoss offers a full suite of patent protection innovations (>50 patents) supported by increased investment into innovative dental implant technology, which remains a fast growing sector
CareCapital is a China-based investor focused on the global dental and oral care industries. The Chinese market is an important global growth opportunity for Neoss. CareCapital’s dental business portfolio encompasses dental education, digital orthodontics, imaging, implants, biologics, ceramics, distribution, software, DSOs and research hospitals
BDA managed a global sale process targeting high quality strategic and financial buyers located in Europe, Asia and North America
Throughout the whole process, BDA worked closely with the management team, and was highly involved in buyer communication, due diligence (including financial VDD) ultimately leveraging significant global buyer interest to deliver an optimal outcome for all shareholders and despite the practical and business challenges created by Covid-19
In particular, BDA organised a series of virtual due diligence sessions under a tight timeline. These covered topics such as financial, commercial, tax and legal due diligence across all of Neoss’ subsidiaries
This transaction underlines BDA’s significant transactional experience across the dental ecosystem which is rapidly expanding and forms an important plank of our overall health practice
Divested 100% stake to
2020
Case study - Health
Advised Neoss on sale to CareCapital
27
M&A case study: Quasar Medical
Buyer Seller Asset
BDA acted as the exclusive financial advisor to Quasar Medical on its sale to Longreach
Founded in 1988, Quasar is an Israeli-owned engineering, design and manufacturing partner for advanced medical devices, serving blue-chip sector leaders like Medtronic and J&J
Continuous, hands-on involvement from BDA’s senior deal team – from extensive pre-sale preparations to customized strategies for customer/employee/buyer outreach – provided comfort and confidence to a client with limited M&A experience
Quasar’s unique profile as a Western-owned Asia-based producer of highly-complex, mission-critical devices drove extreme interest/engagement from the global buyer cohort, i.e.:
88% of buyers requesting Teasers and 51% requesting NDAs; and
30% of buyers with the Information Memorandum submitting an Indicative Offer
A tight grouping of several high-multiple LOIs required a novel approach to maximize value. BDA devised a two-round, three-track diligence process allowing Quasar to efficiently assess the interest of additional bidders before focusing discussions on the most motivated counterparties
This tailored process design, in concert with BDA’s compelling positioning, best-in-class deal documentation and intensive negotiations, drove a successful, value-maximizing result for Quasar - despite the threat of a China-US trade war and a major ongoing facility transfer
This outstanding result affirms BDA’s expertise in working with family-owned businesses to achieve premium outcomes and underlines BDA’s expertise in healthcare-related transactions, particularly in the field of high-end medical device development and manufacturing
Sale of an Israeli-owned, China-based Medical Device Company to an Asian PE Firm
Divested amajority stake to
2019
Case study – Health
28
M&A case study: Compart Systems
Buyer Seller Asset
Sale of a leading global supplier of highly engineered gas delivery system components and assemblies and flow control solutions
Divested Compart Systems to Shanghai Wanye Enterprises
2020
BDA advised Platinum Equity on its sale of Compart Systems (“Compart”), a leading global supplier of complex gas delivery system components and assemblies for the semiconductor and industrial flow control sectors, to Shanghai Wanye Enterprises (“Wanye”), for US$398m
Compart is headquartered in Singapore and has manufacturing plants in China and Malaysia, a sales and warehousing location in the US, and a distribution facility in Hong Kong
Based in Shanghai, Wanye is a listed (SHSE: 600641) residential real estate developer with over US$1bn in assets, and is controlled by Shanghai Pudong Science and Technology Investment (“PDSTI”), a China-based investment firm with a strong track record of investments in the semiconductor sector globally
BDA executed the sales process under unique circumstances complicated by the COVID-19 pandemic, and managed to obtain a result with valuation and terms significantly above expectations
Wanye offers Compart a strong Chinese partner with significant experience in the semiconductor sector, as well as access to major China-based semiconductor funds, including the National IC fund
Wanye will particularly support Compart’s growth in the Chinese market, as China continues to aggressively push for the localization of its semiconductor supply chain
Case study – Industrials
29
Divested 100% stake to
2020
M&A case study: Thipha & Dovina
Advises Thipha & Dovina on their sale to STARK Corporation
BDA acted as the exclusive sell-side financial advisor to the shareholders of Thinh Phat Cables JSC. (“Thipha”) and Dong Viet Non-Ferrous & Plastic JSC. (“Dovina”) on the sale of a 100% equity stake to STARK Corporation (“STARK”)
BDA managed a global sale process, targeting high quality strategic and financial buyers worldwide
Throughout the whole process, BDA worked closely with the seller and management team, and was highly involved in buyer communication, due diligence and negotiation, and eventually achieved best outcome for the client
As a result of customized positioning, effective marketing efforts and highly competitive process, BDA was successful in achieving a premium valuation, while closely managing issues around deal certainty and speed of closing
This transaction has facilitated the strategic partnership between Thipha/Dovina and STARK. The strong relationship will create significant synergies to fuel future growth for both parties
BDA excels at mid-sized cross-border M&A transactions like these
Buyer Seller Asset
Case study – Industrials
30
M&A case study: EMC Holdings
Case study – Services
SK E&C’s Acquisition of EMC Holdings
BDA acted as the exclusive financial advisor to SK E&C on its acquisition of a 100% stake in EMC Holdings from Affirma Capital
SK Group expects to create synergies, using EMC to treat waste generated by SK Group’s oil refining and chemical units: SK Innovation, SK Chemicals, and SK Incheon Petrochem
BDA leveraged its extensive experiences in the waste management space following, among others, the successful sale of Kolon Water & Energy (later renamed to EMC Holdings) to Affirma Capital in 2016
BDA has been discussing potential targets with SK Group since 2019, including delivering sector insights, preliminary analysis and investment rationale
With BDA’s team support, SK E&C was shortlisted by the vendor in a highly competitive auction
BDA’s efforts helped the client stand out with a highly competitive final bid, thanks to a thorough due diligence and comprehensive analysis made regarding potential business extensions, regulations, and valuation
BDA supported the client with in-depth assessments of competitors’ bids, by leveraging BDA’s internal insights and industry relationships to gauge competitors’ bid strategies and estimate valuation ranges
Buyer Seller Asset
Advised SK E&C on the acquisition of EMC Holdings
Seller
2020
31
M&A case study: Xinbang Logistics
Divestment of Fortress’ minority stake in Chinese logistics company to HCT Logistics
BDA acted as exclusive financial advisor to the private equity investor Fortress Investment Group on the exitof its minority stake in Xinbang Logistics to a Taiwanese consortium led by HCT Logistics, a leading logisticsservice provider based in Taiwan
Xinbang Logistics is an integrated supply chain solutions provider focusing on domestic less-than-truckloadlogistics (“LTL”). The Company maintained a Top 6 rank in the LTL segment in China with a wide network ofover 550 branches and annual revenues of well over RMB1bn
BDA’s logistics expertise and relationships with strategic and financial buyers generated global interest inthe opportunity, allowing us to select investors whose strategic vision was closely aligned with themanagement while maximizing the value for our client
BDA conducted a comprehensive global sale process, engaging with both strategic players (~60) and privateequity sponsors (~80), ensuring competitive tension was maintained through out the entire process
BDA proactively addressed multiple transaction issues such as investor concern re intensity of competitionand the large on-going investments required to fund its growth plan. This enabled us to build confidence andmaintain momentum with interested parties
Under the terms of the final agreement, the investment consortium led by HCT Logistics acquired Fortress’s25% stake and also paid off shareholder loans provided by Fortress
Meanwhile a follow-on equity investment by the HCT consortium and a syndicate financing arrangement hasfurther enabled Xinbang to accelerate its growth plan and expand its nationwide cargo network
Divested a Chinese less-than-truckload logistics company to
a consortium led by HCT Logistics
2016
Buyer Seller Asset
Case study – Services
32
Buyer Seller Asset
Divestment of Ant Capital’s online hotel booking business to ZIGExN
BDA Partners was the exclusive financial advisor to Ant Capital
Apple World operates one of Japan’s largest online hotel booking services. Apple World access to 110,000 hotels in 150 countries around the world through its B2B “Apple World” and B2C “hotelista.jp” platforms. Apple World customers comprise over 3,000 primarily Japanese travel agencies, affiliated companies, and individual travelers.
Ant Capital Partners is a private equity firm specializing in private equity and secondary investments. In private equity, the firm participates in buyout, business succession, carve-out, and capital restructuring related investment opportunities. In secondary investments, the firm seeks to acquire minority share securities of unlisted Japanese SMEs (Secondary Direct Investments) and interest in private equity funds held by institutional investors and businesses (Secondary LP Interest Investments). It invests primarily in the internet business (mobile and content), consumer retail, light manufacturing, business services, the electronic business (semiconductors and communications), the bio-healthcare business (new drug development), and the new service business (financial and environmental services) sectors. The firm invests mainly in companies based in Japan, China, and other East Asian countries, and seeks to carry out small-cap buyouts of mature companies between $50m and $150m with enterprise values between $20m and $250m
Agreed to divest Apple World to
2018
Case study – Technology
M&A case study: Apple World
33
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Managing Partners
Partners
Managing Directors
Euan Rellie New York Consumer & Retail
Andrew Huntley London/HCMC Health
Paul DiGiacomo Hong Kong Financial Sponsors Group
Jeff Acton Tokyo Technology
Simon Kavanagh Hong Kong Industrials
Howard Lee Seoul Korea coverage
Anthony Siu Shanghai Financial Sponsors Group
Jeffrey Wang Shanghai China coverage
Mark Webster Singapore Services
Jonathan Aiken London Industrials
Manoj Balwani Mumbai Technology
Karen Cheung Hong Kong Consumer & Retail
Lars Freitag Singapore Industrials
Ryan Jung Seoul Korea coverage
Kumar Mahtani Mumbai India coverage
Vivian Ren Shanghai Consumer & Retail
Hideyuki Tozawa Tokyo Japan coverage
Huong Trinh HCMC Vietnam coverage
Rica Wirianata Singapore Financial Sponsors Group
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