JUNE 2015

FOOD & BEVERAGE

Food Ingredients

VIET THANG FEEDS (VN) to delist after being acquired

VIET THANG FEED JSC, manufacturer of feed for catfish, cattle & chicken, is planning to delist its shares from HCMC Stock Exchange after being acquired by HUNG VUONG (VN), a seafood processor. HUNG VUONG has increased its holdings to 90% in April 2015.

EV/EBITDA (Last Twelve Months): 7.3x
EV/EBITDA (2014): 5.7x

23 June 2015 / Deal Street Asia

SUNMOON (SGP) buys 51% stake in China fruits seller HARVEST SEASON

Singapore-listed SUNMOON FOOD COMPANY acquired 51% stake in HARVEST SEASON, a company that runs 6 fruits stores in China, for USD 2 M.
The deal will see SUNMOON issue 60 million new shares to seller Zhang Jiang Quan, owner of HARVEST SEASON. The newly issued shares constitute 18.8% of SUNMOON’s current issued share capital.

23 June 2015 / Deal Street Asia

FRUTAROM (ISR) acquires TAURA (AUS)

FRUTAROM, one of the largest flavour & fine ingredients developer in Israel, acquired TAURA, a leading global player in specialty taste & fruit technology, for a cash payment of USD 70 M, without any debts & holding cash amounting to USD 2 M.

TAURA’s LTM sales ending 31 March 2015 amounted to USD 40 M.
Est. EV/EBITDA (Last Twelve Months as of 03/31/2015): 12.5x

18 June 2015 / FRUTAROM Press Releases

LIEW GROUP(HK) plans to acquire the entire share of COCOALAND HOLDING (MY)

The LIEW GROUP of Hong Kong, a special purpose acquisition vehicle formed by First Pacific Co Ltd, planned to acquire the entire share capital of COCOALAND HOLDINGS BHD, a manufacturer of chocolate and confectionery, for a total MYR 463 mil (USD 125 mil). First Pacific is a Hong-Kong based investment management and holding company, having its principal business interests in telecommunications, consumer food products, infrastructure and natural resources.

EV/EBITDA(LTM as of 03/31/2015): 9.3x

2 June 2015 / Thomson One

An investor group plans to increase 26% share in AUSNUTRIA DAIRY(CN)

An investor group, including Center Laboratories Inc of Taiwan, Fareast Land Development Co Ltd, Asean Bio & Medical Platform Investment LP of South Korean and Yuanta Securities (Hong Kong) Co Ltd, planned to launch a tender offer to raise their stake to 74% from 48% by acquiring a further 26%, in AUSNUTRIA DAIRY CORP LTD, a dairy product merchant wholesaler for CNY 612mil (USD 99 mil).

EV/EBITDA (2014): 12.1x

10 June 2015 / Thomson One

TAIWAN FRUCTOSE(CN) repurchased 5% of its common stock outstanding

In June 2015, TAIWAN FRUCTOSE CO LTD, a producer and wholesaler of liquid syrups products, authorized the repurchase of up to 8.4 mil ordinary shares, or about 5% stake of the company’s common stock outstanding, in open market transactions. Based on TAIWAN FRUCTOSE CO LTD’s closing stock price of TWD 10.25 (USD 0.33) on 18 June 2015, the last full trading day prior to the announcement of the board’s approval, the buyback had an indicated value of TWD 86 mil (USD 3 mil) in cash.

EV/EBITDA (Last Twelve Months as of 03/31/2015): 9x

19 June 2015 / Thomson One

ALFA acquired 37% stake in CAMPOFRIO FOOD GROUP

Alfa of Mexico acquired a 37% stake in CAMPOFRIO FOOD GROUP SA, an Spanish producer and wholesaler of processed meat products for EUR 314 mil (USD 354 mil), in a privately negotiated transaction.

EV/EBITDA (Last Twelve Months as of 03/31/2015): 10x

3 June 2015 / Thomson One


Retail

SSI GROUP (PH) partners LOBLAW (CAN) to open JOE FRESH stores

SSI GROUP, a Philippine-listed specialty retailer, through its subsidiary, STORES SPECIALISTS INC, has entered into a franchise partnership with LOBLAW COMPANIES LIMITED to open JOE FRESH stores, leading fashion retailers, in the Philippines by 2016.

19 June 2015 / Deal Street Asia

CARREFOUR SA(FRA) repurchased 9,3% of its entire share capital

The board of CARREFOUR SA, a supermarkets and hypermarkets operator, authorized the repurchase of up to 66 mil ordinary shares, or about 9.3% of its entire share capital, in open market transactions. Based on Carrefour’s closing stock price of EUR 30(USD 34) on 11 June 2015, the last full trading day prior to the announcement of the board’s approval, the buyback had an indicated value of up to EUR 2bil (USD 2bil), in cash.

EV/EBITDA (2014): 8.3x

12 June 2015 / Thomson One

ASRAPPORT DINING acquired a 8% stake in JAPAN FOOD & LIQUOR ALLIANCE

ASRAPPORT DINING CO LTD acquired a 8% stake, or 8.6 mil new ordinary shares, in Japan FOOD & LIQUOR ALLIANCE INC, an operator of processing and sales of food and alcohol, for a total value of JPY 300 mil (USD 2.4 mil), in a privately negotiated transaction.

EV/EBITDA (Last twelve Months as of 03/31/2015): 16.1x

29 June 2015 / Thomson One

HEALTH & BEAUTY

Healthcare

QINTERNATIONAL HEALTHWAY (SGP) to buy HEALTHWAY MEDICAL (SGP)

INTERNATIONAL HEALTHWAY CORPORATION, a SGX-listed integrated healthcare services & facilities provider, plans to buy HEALTHWAY MEDICAL CORPORATION, a SGX-listed investment holding company of a medical services group that owns & operates 70 medical clinics in Singapore, in an all-shares deal worth SGD 231 M.
The deal will see one new IHC share for every 4.5 HMC shares. The purchase consideration for each share has been determined at SGD 0.1.

EV/EBITDA (Last Twelve Months as of 03/31/2015): 10.6x

22 June 2015 / Thomson One

Q&M (SGP) acquires 60% stake in SMILEBAY DENTAL CLINICS (MYS)

Q&M DENTAL GROUP, a SGX-listed dental healthcare services provider that operates 50 clinics in Singapore, acquired 60% stake in SMILEBAY DENTAL CLINICS, a dental healthcare services provider that operates 6 dental clinics in Penang, Malaysia, for USD 4.4 M. Q & M made 3 acquisitions in 2015.

22 June 2015 / Deal Street Asia

PULSE HEALTH LTD (AUS) plans to acquire VISION EYE INSTITUTE (AUS)

PULSE HEALTH LTD planned to acquire the entire share capital of VISION EYE INSTITUTE LTD, a Melbourne-based provider of ophthalmic care services, in a stock swap transaction valued at AUD 165 mil (USD 123 mil), via a tender offer.

EV/EBITDA (2014): 8.2x

6 July 2015 / Thomson One


Pharmaceuticals

CVC (LUX), TEMASEK (SGP) team up to buy USD 2 Bn general drugs firm ALVOGEN (US)

Group of investors led by CVC CAPITAL PARTNERS, including TEMASEK & VATERA HEALTHCARE PARTNERS, have bought a controlling stake in ALVOGEN, a global generic pharmaceuticals player, for USD 2 Bn. The stake is bought from PAMPLONA CAPITAL MANAGEMENT which will also retain a small stake after the transaction. Current revenue for ALVOGEN amounted to USD 750 M & EBITDA of USD 220 M

EV/EBITDA (2015): 9.0x

22 June 2015 / Reuters

Wonyeong Yoon acquires a further 31% stake in ILDONG PHARMACEUTICALS

Wonyeong Yoon raise its stake to 37% by acquiring a further 31% stake ILDong Pharmaceuticals Co Ltd, a manufacturer of pharmaceuticals, for a total value of KRW 140 bil (USD 118 mil), in a privately negotiated transaction.

EV/EBITDA(LTM as of 03/31/2015): 14.3x

3 June 2015 / Thomson One

ENGINEERING & CLEANTECH

Water Treatment

CNA (SGP) sells wastewater treatment plant for SGD 15 M

Singapore-listed CNA GROUP to sell a wastewater treatment plant in China to UNITED ENVIROTECH (SGP) for SGD 15 M. The company plans to use the proceeds to re-invest in its core business & for business expansion through acquisitions, joint ventures & collaborations. In FY2014, the wastewater treatment plant recorded an operational loss of SGD 0.6 M.

22 June 2015 / Deal Street Asia


Renewable Energy

TAKUNI (THA) to diversify into renewable energy by acquiring biomass power plant

TAKUNI GROUP PCL, Thailand-based LPG gas supplier, is planning to diversify into renewable energy by acquiring an 8-megawatt biomass power plant for USD 18 – 27 M. The company is expected to appoint a financial advisor to advise on acquisitions & joint ventures with existing renewable energy firms or power plants. Its 2014 net profit amounted to USD 0.8 M.
The Company is planning to list CAZ COMPANY (THA), an Oil & Gas contractor on the market in the next two years.

1 July 2015 / Deal Street Asia

NEW TECH

Payment Solutions

CAPTII VENTURES (MYS) invests USD 520 K in POUCH (SGP)

POUCH, a digital loyalty reward app startup, received USD 520 K seeding funding from CAPTII VENTURES, to launch its NFC payment wristband in Southeast Asia.
The NFC payment wristbands are meant for crowded events such as concerts, exhibitions & fairs so that visitors don’t have to bring cash, which minimises theft. More importantly, the wristbands stems the sale of counterfeit passes.
POUCH downloads have reached 150 K & 70% of these are active users.

4 June 2015 / Deal Street Asia

NET1 (RSA) has real opportunity to expand with new acquisition

NET1, a provider of alternative payment systems that operates in South Africa & Korea, has announced the acquisition of TRANSACT24, a Hong Kong-based company that specialises in credit card acquiring, prepaid card issuance & prepaid card programme management.

NET1 now owns 44% in TRANSACT24

2 June 2015 / Payment Eye


E-commerce

SOFTBANK (KOR) invests USD 1 Bn in e-commerce firm COUPANG (KOR) at USD 5 Bn valuation

COUPANG, a South-Korean e-commerce giant, has raised USD 1 Bn from SOFTBANK in the latest financing round & the deal will close in July. A total of USD 1.4 Bn has been raised since May 2014.
The company’s mobile app has 25 million downloads where mobile accounts for 75% of revenue. The company plans to pour more resources into R&D centres to improve fulfilment & delivery services.

4 June 2015 / Tech Crunch

MORGAN STANLEY invests in E-Commerce firm FLIPKART (IND)

MORGAN STANLEY invests about USD 50 M in India’s largest E-Commerce firm, FLIPKART.
In May, FLIPKART was valued at USD 15 Bn & was planning to raise USD 550 M from existing investors.
FLIPKART has acquired several startups (APPITERATE, ADLQUITY & WEHIVE TECHNOLOGIES) in India this year.

EV/Revenue: 15x

5 June 2015 / Deal Curry


Mobile App / SaaS

p>Restaurant discovery app MANGOPLATE (KOR) raises USD 6.1 M

Restaurant discovery app MANGOPLATE has raised a series A of USD 6.1 M from QUALCOMM VENTURES, SOFTBANK VENTURES Korea & YJ CAPITAL.
Launched in 2013, MANGOPLATE provides personalized restaurant recommendations to its users based on restaurants data, personal preferences & social networks such as KAKAO TALK & FACEBOOK.
The funds raised will be used to implement new languages to cater to the influx of Chinese & Japanese tourists & to finance the start-up’s expansion plans in Asia, starting with Hong Kong & Singapore.

30 June 2015 / e27

LUXURY & LIFESTYLE

Furniture & Accessories

THAI CARPET MANUFACTURING acquired 76% stake of ALSTONS (UK) for USD 38 M

THAI CARPET MANUFACTURING (TCMC) has acquired ALSTONS, a furniture manufacturer, for USD 38 M in bid to expand to expand its business overseas via ALSTONS’ distribution channel.
The acquisition will fuel business growth of ROYAL THAI CARPETS & TAI PING CARPETS, both TCMC’s brands. Revenue is expected to increase to USD 56 M in FY2015 from USD 50 M in FY2014
TCMC acquired TCH SUMINOE, a fabric & carpet manufacturer, in 2014

EV/Revenue: 0.7x
EV/EBITDA: 5x

14 June 2015 / Deal Street Asia


Food Service

Jamie OLIVER’s restaurants business asks investment groups to consider a stake

The celebrity chef’s restaurant business comprises of JAMIE’S ITALIAN & BARBECOA chains. JAMIE’S ITALIAN increased sales by 10% in 2014 & BARBECOA has a 7% increase in sales for 2014. The total value of the business is USD 311 M.
Jamie Oliver’s firm has appointed RBC to sell a stake in order to fund the expansion of the restaurant business internationally, with first bids due in next week.
3i, the private equity firm behind AGENT PROVOCATEUR lingerie chain & HOBBS shoes, has undergone some discussion about buying a stake.

14 June 2015 / The Guardian

SPH (SGP) acquires controlling stake in BEERFEST ASIA for USD 430 K

SINGAPORE PRESS HOLDINGS (SPH) acquired additional 40% stake in BEERFEST ASIA, the company that organises the annual BEERFEST ASIA event, through its subsidiary, SPHERE EXHIBITS. SPH has a total of 80% stake in the company.
The remaining 20% is held by co-founders of TIMBRE GROUP, Edward Chia (13%) & Danny Loong (7%).
In 2013, TIMBRE GROUP & SPHERE EXHIBITS formed a joint-venture company, BEERFEST ASIA PTE LTD, to own the trademark & operate the event.

3 June 2015 / Deal Street Asia

NAVIS CAPITAL (MYS) to buy Singapore’s SUPER PEKING DUCK restaurant chain

NAVIS CAPITAL has reached a deal to buy Singapore’s IMPERIAL TREASURE RESTAURANT GROUP that runs the SUPER PEKING DUCK restaurant chain for an estimate of SGD 60 to 80 M.
Currently the restaurant group has 24 outlets in Singapore & China. The founder, Alfred LEUNG, would continue to remain a stakeholder in the company.

5 June 2015 / Deal Street Asia


Wine & Spirits

IN VIVO (FRA) acquires 78% of CORDIER (FRA)

French cooperative IN VIVO has acquired 78% stake of Bordeaux-based wine trading company CORDIER at a valuation of EUR 40 M. IN VIVO (Revenue of EUR 5.5 Bn) acquired the stake from TAG HEUER & IDIA (CREDIT AGRICOLE’s investment holding in F&B).

EV/Revenue = 1.0x

5 June 2015 / Les Echos