APRIL 2015



PRABHAT DAIRY (IND) to raise USD 48 M in IPO

Indian dairy firm PRABHAT has filed for IPO aiming to raise up to USD 48 M by issuing new shares & putting up for sale 14.7 million share held by existing investors. The proceeds will be used repayment of loan, CAPEX & general corporate purposes.
The IPO will also allow part of the PE investors, namely RABO INDIA PE & PROPARCO (FRA) to partly exit their investment.

2 April 2015 / VC Circle


Coffee pods maker INDULGE BEVERAGES (IND) secures funding

INDULGE BEVERAGES, which produces & markets tea & coffee capsules under the BONHOMIA brand, has raised USD 2 M from a group of angels led by Kanwaljit SINGH, Ex Co-Founder & Senior Managing Director of HELION VENTURE PARTNERS.
The funding will be used for marketing & developing newer blends of beverages. It plans to roll out 8-12 blends & expand its online & offline presence.
Currently the products are sold through ecommerce platforms like SNAPDEAL & for offline channels partnering with FOODHALL among others.

9 April 2015 / Deal Curry

TCC (THA) confirms interest in Vietnam’s brewer SABECO

Thai beer tycoon Charoen SIRIVADHANABHAKDI has his eyes on Vietnam’s largest brewer SABECO, in a bidding race with SINGHA, HEINEKEN & other Japanese players.
The Vietnamese government owns 89% of the USD 2 Bn valued SABECO & is ready to sell up to 53% of the company to strategic investors.
SABECO has 46% market share in Vietnam, the ASEAN country with the highest beer consumption per capita (35.5 L / annum).

9 April 2015 / Finance in Asia

Food Ingredients

Japan’s KAGOME buys majority stake in ready-to-eat food company TASTY BITE (IND)

Japanese vegetable-based food products maker KAGOME has acquired 70% stake in the promoter entity of ready-to-eat Indian ethnic & Asian food products maker TASTY BITE EATABLES LTD (TBEL), estimated to be around USD14 M.
KAGOME will look to leverage respective strengths including immediate access to TBEL’s retail & food service channels, R&D centres, manufacturing capabilities & management teams.

15 April 2015 / VC Circle


VINGROUP (VIN) takes over VINATEXMART (VIN), plans aggressive retail expansion across Vietnam

Vietnam’s VINGROUP has strengthened its presence in the local retail market by fully acquiring VINATEXMART, the retail arm of VIETNAM NATIONAL TEXTILE & GARMENT GROUP.
The property giant has expanded its supermarket chain by adding 39 more outlets, after taking over 13 OCEAN MART stores for USD 26 M in 2014.
Its subsidiary VINMART has launched 14 supermarkets & 23 convenience stores, while VINATEXMART’s network concentrates in the central & southern regions of Vietnam.

10 April 2015 / Deal Street Asia



FORTIS (IND) to sell Singapore hospital to NYSE-listed CONCORD MEDICAL (CHN) for USD 40 M

FORTIS HEALTHCARE, the second-largest hospital chain in India, is selling its Singapore-based hospital to NYSE-listed Chinese healthcare services firm CONCORD MEDICAL for USD 40 M.
FORTIS SURGICAL HOSPITAL, opened in 2012, is a 31-bed hospital & specializes in urology, gynecology, plastic & general surgeries. The hospital positions itself as a specialist in minimally invasive procedures & offers a range of clinical services, including laparoscopic & robot-assisted surgeries.

27 March 2015 / VC Circle

Q&M (SGP) to buy TP DENTAL (SGP) in a SGD 28.6 M deal

SGX-listed Q&M DENTAL GROUP, one of Singapore’s largest private dental healthcare group announced its plan to acquire TP DENTAL SURGEONS for SGD 28.6 M. It will be a cash & stock deal (SGD 18 M in cash & 10.6 M through the issuance of Q&M shares.
This strategic acquisition will allow Q&M to serve the full spectrum of the dental market in Singapore, from the suburbs in the HDB heartlands to premier Orchard road & even medical tourism.

EV/Sales = ~2.3x

28 April 2015 / Deal Street Asia


DAIICHI SANKYO (JPN) sells its entire stake in SUN PHARMA (IND) for USD 3.2 Bn

DAIICHI SANKYO raised USD 3.2 Bn through the sale of its 8.9% stake in India’s largest drug maker SUN PHARMA.
The transaction follows the acquisition of RANBAXY (IND) by SUN PHARMA from DAIICHI for USD 3.2 Bn in April 2014. As part of that deal DAIICHI SANKYO got its 8.9% stake in the merged entity.
Among the investors in the transaction are Singapore’s SWF GIC & TEMASEK which picked up respectively 0.46% (for USD 187 M) & 0.74% (for USD 298) stake

21 April 2015 / Reuters, VC Circle

PERRIGO (IRE) completes acquisition of OTC drug maker OMEGA PHARMA (BEL) for EUR 3.8 Bn

Ireland-based PERRIGO, a manufacturer of OTC & generic prescription drugs as well as API, has completed the acquisition of Belgian OTC drug maker OMEGA PHARMA in a EUR 3.8 Bn deal (with a net debt consideration of EUR 1.3 Bn).
The acquisition will increase PERRIGO’s OTC product offering & expand its distribution network through a well-established platform.

EV/Sales = ~3.0x

1 April 2015 / Pharmaceutical Technology, PERRIGO press release


Engineering & Construction

CNA GROUP (SGP) explores stake in Vietnam airport concession

Singapore-listed engineering firm CAN GROUP is exploring the possibility of picking up an equity stake in Vietnam’s 30-year airport concession after signing a USD 70 M deal with VIETSTAR AIRLINES CORPORATION for a mechanical, electrical & plumbing contract for an airport terminal in Ho Chi Minh City.

2 April 2015 / Deal Street Asia

Water Treatment

SEMBCORP (SGP) divests its UK water business to PENNON GROUP (UK)

SEMBCORP INDUSTRIES has bagged SGD 214 M in cash proceeds from the divestment of its 100% stake in SEMBCORP BOURNEMOUTH WATER (SBW), a holding entity involved in the operation of a regulated municipal water business based in UK.

EV = SGD 393 M

16 April 2015 / Singapore Business Review

Renewable Energy


ECOZEN SOLUTIONS, an energy-focused company that provides renewable energy based products, has raised around USD 1 M from OMINVORE PARTNERS for a minority stake.
Founded in 2009, ECOZEN provides solar pumping solutions & to date has installed over 125 pumps in Chhattisgarh, Bihar & Assam. It offers proprietary, solar-powered, micro cold storage units & water pumping technologies for farmers & rural communities.

7 April 2015 / Deal Curry


Payment Solutions

TREE LINE ASIA (SGP) leads investment in mobile wallet company MOBIKWIK (IND)

TREE LINE ASIA has led USD 25 M investment round in ONE MOBIKWIK, the company operating the mobile recharge & payments portal MOBIKWIK. The Series B round also saw the participation from CISCO, AMERICAN EXPRESS & existing investor, SEQUOIA CAPITAL.
MOBIKWIK allows its users to transfer money for making payments including mobile recharge, bill payments & to pay for services & products availed through sites like EBAY, DOMINO’S, SNAPDEAL among others. It currently has 15 M users & 25 K merchants

8 April 2015 / Deal Curry

SNAPDEAL (IND) acquires mobile payment start-up FREECHARGE (IND)

In the biggest startup acquisition deal, e-commerce marketplace SNAPDEAL has snapped up FREECHARGE, an online platform for recharge, utility payments, promotions & couponing. The deal size was estimated to be around USD 400 M.
FREECHARGE, run by ACCELYST SOLUTIONS, is one of India’s top recharge platforms allowing users to pay bills across most major operators. It claims to have 13 M registered users & almost 80% of its transactions from mobile users. It aims to hit 1 M transactions per day in early 2015.

8 April 2015 / Deal Curry


ZOMATO (IND) raises fresh funds led by existing investors INFO EDGE (IND)

Online restaurant search & review portal ZOMATO, has raised USD 50 M in a round led by existing investor INFO EDGE who infused USD 18 M in the latest round.
The funding would be used for immediate investments as it looks to expand into food ordering business. It currently has presence in 146 cities across 20 countries.
ZOMATO is expanding horizontally to compete with a host of other food ordering & delivery business in the country.

13 April 2015 / Deal Curry


Furniture & Accessories

Furniture & Home Decor e-tailer URBAN LADDER (IND) raises USD 50 M led by SEQUOIA & TR CAPITAL (HK)

Online furniture shop URBAN LADDER, has secured USD 50 M in Series C round with existing investors STEADVIEW CAPITAL & SAIF PARTNERS participating as well.
URBAN LADDER was launched in 2012 & presently delivers to 12 cities in India.
The latest funding comes 9 months after it raised USD 20 M in Series B round, having raised USD 77 M to date. It competes with the likes of ROCKET INTERNET-incubated FABFURNISH, including horizontal e-commerce players like FLIPKART & AMAZON.

9 April 2015 / VC Circle

Modular kitchen design & e-com start-up CAPRICOAST (IND) raises USD 1.25 M from ACCEL (IND)

Bangalore-based CAPRICOAST, which provides modular kitchen designs along with online tools to customise & order them, has raised USD 1.25 M in seed funding from VC firm ACCEL PARTNERS INDIA.
Besides its designs, CAPRICOAST.COM, connects customers with manufacturers & suppliers of kitchen solutions & wardrobes. Currently, it is available in Bangalore & will use the funding to expand in all the metro cities in the country by the end of this year.

13 April 2015 / VC Circle


NESS (UK) fashion brand raises USD 3.7 M from YFM EQUITY (UK)

Scottish womenswear brand NESS CLOTHING has secured USD 3.7 M growth capital from venture firm YFM EQUITY to support its nationwide expansion plans.
Launched in 1997, Edinburgh-based NESS currently has 11 stores across the UK which generate annual revenues of over USD 7 M.
It will use the investment to drive new store rollouts & fuel its wider growth strategy.

10 April 2015 / Fashion Invest

LBO FRANCE is willing to acquire the fashion brand named IKKS (FRA)

LBO France has announced its acquisition of 100% of IKKS, a ready-to-wear fashion brand for men, women & kids with a unique positioning on the “casual chic” segment.
In 2014, IKKS was sold to a Holding, HoldIKKS. With a network of 526 stores, IKKS has revenues of EUR 300 M with EBITDA of EUR 60 M.
It will use the investment to drive new store rollouts & fuel its wider growth strategy.

EV/EBITDA: ~9.2x

15 April 2015 / Magazine Décideurs

Food Service

TEMPLETON (USA) leads USD 15 M series C for Vietnam restaurant operator

Institutional investors in Singapore & Hong Kong invested USD 15 M into HUY VIETNAM, Vietnam’s largest operator of local Vietnamese food restaurants. This Series C round of funding will be used for outlets expansion throughout Vietnam.
Operating since 2007, it is the 1st international, professionally managed restaurant chain in Vietnam serving traditional Vietnamese food prepared from formulated family recipes.
It currently owns 70 restaurants under the “MON HUE”, “COM EXPRESS” & “PHO ONG HUNG” brands.

13 April 2015 / PE Hub

Wine & Spirit

CAMDEN TOWN BREWERY (UK) to sell 20% stake to private investors

CAMDEN TOWN BREWERY has agreed to sell a 20% stake to a small group of private investors, reported to be a Belgian manufacturing family, for around USD 14.6 M.
Since launching in 2010, CAMDEN TOWN BREWERY has gone from selling 20,000 pints in its 1st year to 7.6 M in 2014, with sales of USD 13 M. The firm’s goal is to have annual sales of 40 M pints by 2020.

10 April 2015 / Just Drinks


MAJESTIC WINE has acquired its online rival for up to USD 102 M in a deal that also acquires a new CEO for the retailer.
NAKED WINES runs a crowdfunded business where around 300 K subscribers help fund over 130 independent winemakers in 14 countries in exchange for exclusive wines at preferential prices.

It posted sales of USD 108 M last year. The acquisition will boost MAJESTIC’S online presence while providing NAKED WINES with a nationwide store network to allow a click & collect delivery option for its customers.

10 April 2015 / Telegraph