DECEMBER 2014

FOOD & BEVERAGE

Dairy

FIDELITY backed MILK MANTRA (India) buys WESTERNLAND DAIRY (India)

VC-backed dairy start-up, MILK MANTRA has acquired Sambalpur-based WESTERNLAND DAIRY for close to INR 100 M (USD 1.7 M)
This is the maiden acquisition for the Odisha-based dairy firm which is seeking to expand its operation in the country. The company is planning to achieve scale through the inorganic route as well as through Greenfield projects & is eyeing more buys.
It produces a range of dairy products like milk, probiotic dahi, paneer, lassi & buttermilk under the ‘MILKY MOO’ brand.

24 November / VC Circle


Food Ingredients

THAI UNION FROZEN (Thailand) to acquire BUMBLE BEE (USA) for USD 1.5 Bn

The world’s biggest producer of canned tuna has announced the acquisition of BUMBLE SEAFOODS, its American competitor, for USD 1.5 Bn. This acquisition, the largest in TUF’s history is part of the plan to double revenue through acquisitions, to reach USD 8 Bn by 2020.
Pending approval from US antitrust authorities, the deal is likely to close in the 2nd semester of 2015.

EV/EBITDA: ~8.6x

19 December / Reuters, WSJ

OLAM INTERNATIONAL (Singapore) buys cocoa business from ADM for USD 1.3 Bn (USA)

OLAM, the commodity trader controlled by Singapore’s state investment firm TEMASEK, has agreed to buy ARCHER-DANIEL MIDLANDS’ cocoa business for USD 1.3 Bn, making OLAM one of the top 3 suppliers to the chocolate industry.

EV/EBITDA: ~9.5x

16 December / Bloomberg, Reuters


Retail

LAU Family & Qatar boost LIFESTYLE STAKES for USD 1 Bn

Hong Kong’s LAU family & QIA agreed to pay HKD 7.7 Bn (USD 1 Bn) to increase their stakes in department store operator LIFESTYLE INTERNATIONAL HOLDINGS LTD.
The LAU family now holds 50% of the Hong Kong-based retailer after acquiring a 29% stake while QIA, owner of the HARRODS department stores in London, increased their holdings to 22.8% from their 20% stake brought in October.

23 December / Bloomberg

HEALTH & BEAUTY

Cosmetics

ESTEE LAUDER (USA) to increase stake in Indian luxury brand FOREST ESSENTIALS

ESTEE LAUDER is set to raise its stake in the Indian beauty brand FOREST ESSENTIALS, a pioneer in the Luxury Ayurvedic segment.
ESTEE LAUDER had picked up 20% stake in the company in 2008 for an undisclosed amount which provided FOREST ESSENTIALS access to ESTEE LAUDER’s research labs, especially for packaging.
With more participation from the foreign partner, the home grown brand would seek to expand internationally.

18 December / Deal Curry


Healthcare

VEXIM (France) launches a capital increase of EUR 5 M

To support its development in the US market, the French medical devices company specializing in spine/vertebral care, raised EUR 5 M from private qualified investors which has not been disclosed yet. The company, estimated to make EUR 11.5 M of revenue this year, is evaluated at EUR 60 M & will be profitable in the 2nd semester of 2015.
The capital increase comes less than 1 year after a round of EUR 11.8 M.

November 3rd / WSJ


Pharmaceuticals

Japan’s OTSUKA to buy AVANIR (USA) for USD 3.5 Bn

The Japanese nutrition & drug maker has made an offer to buy Californian pharmaceuticals firm AVANIR PHARMACEUTICALS in a USD 3.5 Bn deal.
OTSUKA PHARMA made this deal ahead of an expiration of a key drug patent. OTSUKA PHARMACEUTICAL is part of OTSUKA HOLDINGS (pharma, food, furniture & chemicals). The acquisition will allow OTSUKA Pharma to use AVANIR neurologic drug portfolio.

EV: USD 3.6 Bn

3 December / Reuters

ENGINEERING & CLEANTECH

Engineering & Construction

GMR arm acquires Malaysian partner’s stake in MAS GRM AEROSPACE

GMR HYDERABAD, a subsidiary of GMR INFRASTRUCTURE LIMITED, has acquired the remaining 44.6 % stake owned by MALAYSIA AEROSPACE ENGINEERING (MAE) in MAS GMR AEROSPACE ENGINEERING COMPANY LIMITED (MGAE).
Prior to the acquisition, MGAE was a JV partnership between MAE & GMR HYDERABAD. Now, MGAE has become a wholly-owned arm of GMR HYDERABAD.
The decision to buy out the JV partner’s stake was taken after its Malaysian partner expressed inability to infuse more funds into the loss-making MRO facility.

12 December / VC Circle


Water Treatment

IVRCL (India) sells entire 75% stake in Chennai desalination plant to Dubai’s UTICO

Cash-strapped infrastructure company IVRCL Ltd has agreed to sell its entire stake in its subsidiary Chennai Water Desalination (CWDL) to Dubai-based UTICO FZC. The stake sale is part of Hyderabad-based IVRCL’s strategic business plan to monetise its BOT & BOOT assets.
CWDL was floated as a special purpose vehicle to set up a 100 M litres a day seawater desalination plant in Chennai on a build, own, operate & transfer (BOOT) basis for 25 years, with a project cost of around INR 5.5 Bn (USD 88 M). While IVRCL held 75% stake in CWDL, the remaining 25% stake is held by Spanish partner BEFESA AGUA.

18 December / VC Circle


Renewable Energy

WELSPUN RENEWABLE (India) Raises Funds for Rajasthan Wind Project

WELSPUN RENEWABLES ENERGY, has raised INR 6.3 Bn (USD 101 M) in debt from a consortium of financial institutions for 126 MW wind project in the Pratapgarh district of Rajasthan.
The project expected to be commissioned in June 2015 will generate 290 million units of clean energy & is being developed by WELSPUN ENERGY RAJASTHAN PVT LTD.

10 December / Deal Curry

Clean energy start-up BANYAN GREEN (India) raises funding from I3N & existing investors

Telangana-based clean energy startup BANYAN GREEN FUELS has raised Rs 1 crore (USD 220 K) from INTELLECAP IMPACT INVESTMENT NETWORK (I3N). Existing investors also participated in this round.
I3N’s seven angel investors participated in the round, including Naveen Kshatriya, ex-regional Asia Pacific VP of BP-CASTROL & founder of KSHATRIYA VENTURES; Rema Subramanian of ANKUR CAPITAL, a Mumbai-based early stage impact fund.
Led by founder Nityanand Agrawal, BANYAN GREEN FUELS is collecting & processing agricultural waste & supplying the processed waste to large corporations to meet their green fuel energy requirements. The start-up aims to provide 1 M tons of green fuel by 2017.

19 December / VC Circle

NEW TECHNOLOGIES

Payment Solutions

ADYEN (Netherlands) raises USD 250 M to develop its global payments platform

Global payments tech company ADYEN has announced the closing of a USD 250 M round of funding led by GENERAL ATLANTIC. TEMASEK, INDEX VENTURES & FELICIS VENTURES also participated in the round.

17 December / ADYEN press release


E-Commerce

FLIPKART (India) raises USD 700 M from new investors

India’s homegrown e-commerce player FLIPKART has announced a new funding round of USD 700 M from new investors such as BAILLIE GIFFORD, GREENOAKS CAPITAL, STEADVIEW CAPITAL, QIA, along with existing investors.
FLIPKART has raised a total of USD 1.9 Bn in 2014 to further expand to become the ALIBABA of India.

20 December/ Tech in Asia


Social Media

Chat Platform SCROLLBACK (Singapore) raises USD 400 K from JUNGLE VENTURES (Singapore) & others

Singapore- & Bangalore-based ASKABT, which runs the chat platform SCROLLBACK, has raised USD 400 K in seed funding led by JUNGLE VENTURES, with participation from Singapore’s NATIONAL RESEARCH FOUNDATION (NRF) under its Technology Incubation Scheme, CRYSTAL HORSE INVESTMENTS, SINGAPORE ANGEL NETWORK, ROLAND TURNER, & other unnamed angel investors.
The start-up combines the ease & engagement of chat with content organisation of forums. SCROLLBACK rooms can be embedded in community websites & apps, & connected to internet relay chat (IRC) & TWITTER to enable conversations that span multiple platforms.
The firm claims to have over 700 active communities across Southeast Asia, America & Europe.

24 November / VC Circle


SaaS

Hotel distribution management start-up REZNEXT (India) raises USD 5 M from NEA (USA)

Bangalore-based start-up REZNEXT has received a USD 5 M funding from global VC NEA.
Founded in 2012, REZNEXT offers real-time distribution management solutions helping hotels automate the hotel distribution process. Its solutions include Revenue, Reputation & Campaign management, Channel manager, Digital marketing, Rate shopper & Room distribution solutions. It mainly targets lower & mid-scale hotels, allowing them to quickly get online.

3rd November / Deal Curry

LUXURY & LIFESTYLE

Furniture & Accessories

Indian home design & decor start-up LIVSPACE raises USD 4.6 M Series A funding

Bangalore-based personalized home design & decor solutions Marketplace, LIVSPACE has received USD 4.6 M in its Series A round, led by HELION VENTURE PARTNERS & BESSEMER VENTURE PARTNERS. The round also saw participation from Singapore-based JUNGLE VENTURES.
The funds will be used to develop new products, innovative technology, generate demand for its products & bolster its management team to focus on the USD 25 Bn home design & decor market in India & South East Asia.
LIVSPACE is currently focused on the top cities of India, including Bangalore, Delhi/NCR, Mumbai, Hyderabad & Chennai. It also plans to launch in other cities in India & other large markets like Singapore.

18 December / e27


Jewellery & Timepieces

SIXTH SENSE VENTURES (India) invests In Luxury Watch Retailer ETHOS (India)

Nikhil Vora’s maiden VC fund, SIXTH SENSE VENTURES has struck its first deal, leading a Series A round of investment in luxury watch retailer ETHOS. The financial terms of the deal remain undisclosed.
The round of investment for the retailer which operates as a subsidiary of BSE listed KDDL LIMITED, will be used to fund the company’s expansion plans that has seen a growth of 37% CAGR over the past 5 years.
Set up in 2003, ETHOS is one of the largest watch retailer with 44 premium stores across the country & an authorized retailer for around 50 global luxury watch brands including CASIO, SEIKO, TISSOT, CALVIN KLEIN, CLAUDE BERNARD among others.

22 December / Deal Curry


Fashion

PERMIRA (UK) plans to sell 4.9 million shares of its stake in HUGO BOSS (Germany)

PERMIRA, the largest investor in HUGO BOSS plans to divest ~7% of its stake cutting it to 34% in the luxury clothing company, a move that will increase the company’s free float to 66% & make it more attractive to institutional investors.
Following the divestment, HUGO BOSS share price rose 1.3% to EUR 104.5 in Frankfurt, valuing the company at EUR 7.4 Bn.

11 December / Bloomberg, Business of Fashion


Food Service

JOLLIBEE (Philippines), RRJ (China) sign franchise agreement with DUNKIN’ DONUTS (USA)

Filipino food services firm JOLLIBEE FOOD has tied up with private equity firm RRJ CAPITAL to own & operate DUNKIN’ DONUTS restaurants in Hong Kong, Macau & China.
A JV will be formed between JOLLIBEE unit JOLLIBEE WORLDWIDE & JASMINE ASSET HOLDING, a wholly owned subsidiary of RRJ MASTER FUND II, established by RRJ CAPITAL. JOLLIBEE will own 60% of the DUNKIN’ DONUTS business, while RRJ will own the other 40%.
The 2 parties have committed to invest up to USD 300 M in the JV, of which up to USD 180 M will be contributed by JOLLIBEAN where it will be responsible for directing the day-to-day operations of the business.

25 December / Asia One


Wine & Spirit

PERNOD RICARD (France) Sells the Mexican Ready-to-Drink CARIBE COOLER to Mexican Conglomerate BEPENSA

PERNOD RICARD has sold its Mexican CARIBE COOLER RTD brand to GRUPO BEPESA for an undisclosed sum in order to focus on its international brands
Available in Mexico only, CARIBE COOLER is described as a “major brand” in the Mexican ready-to-drink market.
The transaction also includes the bottling line related to the production of CARIBE COOLER together & the relevant inventories.

22 December / The Spirits Business