JANUARY 2016

FOOD & BEVERAGE

Dairy

EMMI (CHE) acquires remaining shares in GLASERNE MOLKEREI (DEU)

EMMI acquired 24% minority stake in GLASERNE in 2012, before increasing it to 76% in 2014, and completing the acquisition this year. GLASERNE is a leading organic milk processor that generates sales ~ EUR 100 M (USD 108 M). EMMI is using this acquisition to tap into the natural, sustainably manufactured trend in the dairy business.

21 January 2016 / Dairy Reporter

LACTALIS (FRA) is to acquire the main Romanian dairy producer, ALBALACT

Largest Dairy products furnisher in the world, LACTALIS has found an agreement with the biggest Romanian Dairy company, ALBALACT to acquire 100% of stakes.
The transaction will occur on the valuation of EUR 69 M for a multiple of 5 times net revenue with a premium of 37% on the last closing stock price.
With this deal, LACTALIS is willing to take a leading position in this region.

28 January 2016 / Dairy reporter


Beverage

ASAHI (JPN) to submit bid to buy GROLSCH and PERONI

ASAHI offered to acquire GROLSCH & PERONI beer brands for as much as JPY 400 B (USD 3.4 B). This bid if accepted would top KIRIN’s USD 3.3 B takeover of Australia’s LION NATHAN in 2009, and be the largest ever overseas beverage acquisition by a Japanese company.

10 January 2016 / Reuters


Food

FRUTAROM (PAL) signed an agreement to buy WIBERG (AUT), leader in savory flavor solutions for EUR 119 M (USD 130 M)

FRUTAROM will acquire WIBER for USD 130 M (~6.8x EBITDA). The entire acquisition will be financed by bank debt. This operation represents the most important realized by FRUTAROM until now, and will contribute to the strategic expansion on the flavor market. WIBERG’s 2015 revenue is expected to reach USD 172 M

EV/Revenue: 0.8x
EV/EBITDA: 6.8x

January 2016 / Frutarom

NACTIS FLAVOURS (FRA) will acquire aromatic material subsidiary of PCAS (FRA) chemical firm

French flavor supplier NACTIS signed an agreement to buy the aromatic raw material of PCAS’ portfolio. With an annual turnover of EUR 50 M, NACTIS is set to become one of the European leaders in aromatic molecule market. PCAS sold this part of her portfolio as aromatic molecule is no longer part of her core business.

13 January 2016 / Food Navigator

HEALTH & BEAUTY

Healthcare

PE firm EKUINAS (MLY) invests MYR 80 M in two healthcare firms

EKUINAS acquired 60% equity of MEDIEXPRESS GROUP, and another 60% equity in PMCARE SDN BHD, for a total of MYR 80 M (USD 18.2 M). EKUINAS plans to merge the 2 companies to form the largest third party medical claims administrator in Malaysia with 40% market share, servicing more than 2 M members.

8 January 2016 / Deal Street Asia


Pharmaceuticals

SHIRE (UK) to buy BAXALTA (USA) for USD 32 Bn

The agreement would create one of the world’s leading specialists in rare diseases. The deal will involve SHIRE paying USD 18 in cash and a portion of SHIRE’s American Depository Receipts (ADR) for each BAXALTA share. SHIRE has secured an USD 18 B bank facility, which will be refinanced through capital market debt issuances.

12 January 2016 / Wall Street Journal

ENGINEERING & CLEANTECH

Engineering & Construction

JOHNSON CONTROLS (USA) to buy TYCO (IRL) for USD 16.5 B

The combined company is expected to generate ~USD 30 B in annual sales. It values TYCO shares at an 11% premium at USD 34.88. JOHNSON CONTROLS shareholders will own 56% and receive USD 3.9 B in cash. The new company is expected to create annual tax synergies of USD 150 M.

25 January 2016 / Wall Street Journal

SIEMENS (DEU) TO BUY CD-ADAPCO (US) FOR USD 1 B

Europe’s largest industrial group to acquire CD ADAPCO for close to USD 1 B in cash. CD ADAPCO has 900 employees in 50 offices, with ~USD 200 M annual revenue, and CAGR of 15% over the last 5 years. The acquisition will expand SIEMEN’s offerings in the industrial software market.

EV/Revenue: 5x

25 January 2016 / Wall Street Journal


Renewable Energy

ACC (THA) closes THB 320 M solar energy group acquisition

ACC will acquire the entire shares in SARABURI PROJECT GROUP Companies for THB 320 M (USD 8.8 M). ACC expects to gain annual revenue of THB 98 M, with annual profit of THB 33 M from SARABURI’s solar farm. ACC’s registered capital to increase from THB 300 M to THB 375 M from issuance of shares at THB 0.25 per share.

11 January 2016 / Deal Street Asia

NEW TECH

Payment Solutions

Payments firm EPS (IND) secures USD 25 M from UK’s APIS GROWTH FUND

The funding will be used to expand its existing network of ATMs and to fund future acquisitions. EPS has deployed 4200 ATMs in local and urban areas, and wants to install 5,000-10,000 more ATMs over the next 2 years. EPS revenue has grown from INR 50 M in 2013 to INR 1.3 B in 2015.

20 January 2016 / Economic Times


E-commerce

Internet fashion start-up MOGUJIE (CHN) to acquire TENCENT backed rival MEILISHUO (CHN)

This transaction follows in the footsteps of other mergers and acquisitions in the Chinese technology sector in a bid to avoid unnecessary competition and save costs.
The acquisition will occur through a 2:1 share swap, TENCENT will increase its stake in the new combined entity as part of the deal.

11 January 2016/ Finance Asia

KAKAOCORP (KOR) to buy a controlling stake in LOEN ENTERNTAINMENT (KOR)

KAKAO will buy 76% of LOEN ENTERTAINMENT for KRW 1.9 T (~USD 1.6B), at a 23% premium via a combined shares and cash bid. The transaction is to be financed with issuance of KRW 754 M worth of shares and internal cash and debt.
LOEN ENTERTAINMENT posted revenue of KRW 323 B (~USD 27 M), and EBITDA of KRW 74 B (~USD 6 M)

11 January 2016/ Finance Asia

FABELIO (IDN) secures USD 2 M funding

The series A funding came only 6 months after their seed funding of USD 500 K in July 2015.The company, which sells quality furniture to Indonesians from suppliers and in house designers, has experienced transaction growth of 45% month-on-month. Investors include 500 STARTUPS, VENTURRA CAPITAL & IMJ INVESTMENT PARTNERS.

27 January 2016/ Tech In Asia

CARTRADE (IND) raises INR 9.5 B from TEMASEK (SGP) and other investors

The online auto classified company raised INR 9.5 B (~USD 140 M) from TEMASEK, MARCH CAPITAL and existing investor WARBURG PINCUS. The company has over 10,000 used and new car dealer partners and auctions over 250,000 vehicles to wholesale market each year

14 January 2016/ Livemint

CTRIP (CHN) invests USD 180 M in MAKEMYTRIP (IND)

CTRIP, the Chinese Travel Booking site, valued at USD 10 B, has agreed to invest USD 180 M in fellow booking service covering flights, hotels and bus ticketing in SEA region. The deal will give CTRIP ownership of 27 % of existing MAKEMYTRIP shareholding. News of the acquisitions caused MAKEMYTRIP’s shares to rise 24%, giving the Indian company a market cap of USD 689 M.

EV/revenue: 2.2 x

7 January 2016/ Tech Crunch

LUXURY & LIFESTYLE

Luxury

APOLLO GLOBAL (US) has exited its entire holding in the Indian super luxury residential project AHUJA PROJECT

APOLLO private equity who has recently set up a real estate private equity platform, has sold its holding for USD 70 M
The exit has given APOLLO a two-fold return on its original investment, which is a 53-storey project. The PE firm had invested about INR 20 M for 49% voting rights in the company six years ago.

7 January 2016 / Deal street Asia

SOTHEBY’S (US) acquires ART AGENCY PARTNERS (US) for USD 85 M

The acquisition done with USD 50 M in cash and USD 35 M milestone payments for the next 5 years. SOTHEBY’s shares surged 7% to USD 23 following the deal. It is a strategic move to add profitable revenue streams and new capability to the SOTHEBY’s business.

11 January 2016/ Observer


Food Service

PAVILLON HOLDINGS LTD (SGP) to sell THAI VILLAGE CHINA to private investor HO BUN HOI

PAVILLON HOLDINGS shall sell 100% of the shares of THAI VILLAGE (China) to Mr. HO Bun Hoi. The proposed disposal amount is SGD 2 M, of which is an excess of SGD 1.3 M of TVC’s net asset value. Mr. Ho will pay SGD 1.4 M over the next 30 days, and SGD 600 K on 30 June 2016.

6 January 2016 / SGX


Hospitality

MINT (THA) completes acquisition of TIVOLI Group for EUR 292.2 M

MINT completed the EUR 292 M (USD 318 M) of TIVOLI group for its strategic entry into Europe and Latin America. TIVOLI had turnover of EUR 121 M in and EBITDA of EUR 31 M in 2015.

EV/Sales: 2.4x
EV/EBITDA: 9.4x

31 January 2016 /Deal Street Asia

CONSTELLATION BRANDS (US) invests in GREEN BRIER (US) craft whiskey

CONSTELLATION BRAND’S venture capital arm acquired a minority stake in GREEN BRIER, to tap into the hottest trend in spirits, whiskey and craft. Amount of the deal was not disclosed.

11 January 2016 / JUST-DRINKS