NOVEMBER 2015

FOOD & BEVERAGE

Dairy

VINAMILK (VIE) shares jump on USD 4 Bn stake offer report

Shares in VINAMILK, the country’s biggest listed firm, hit a lifetime high after local media said drinks maker FRASER & NEAVE LTD (F&N) plans to buy the state’s 45% in a USD 4 Bn deal, as the government has instructed its STATE CAPITAL INVESTMENT CORPORATION (SCIC) to sell out of VINAMILK.
F&N has since disowned claims of any offer to VINAMILK.

3 November 2015 / Reuters, Singapore Business Review


Beverage

MOTHER’s RECIPE (IND) buys ELMAC (IND) for USD 3.8 M to expand in the east

The packaged food brand MOTHER’S RECIPE has acquired Kolkata-based ELMAC AGRO MANUFACTURING for USD 3.8 M. ELMAC AGRO MANUFACTURING provides food products & serves customers in India.
The deal will help MOTHER’S RECIPE to grab higher market share in India’s eastern states & the company is expecting a 30% growth rate in the current financial year.

EV/Revenue = 1.9x

4 November 2015 / Times of India

MASAN GROUP (VIE) to acquire 65% stake in QUANG NINH MINERAL WATER (VIE)

MASAN GROUP will acquire a 65% stake in QUANG NINH NATURAL MINERAL WATER as part of a planned equitization & IPO of the bottled mineral water company.
The company is on track to reach estimated revenue of USD 16.3 M in 2015, a growth of 4x in 5 years. The combined businesses with MASAN’s mineral water-based beverage will reach nearly USD 44 M.

5 November 2015 / Company press release


Food

KHUSHI FOODS (IND) raises USD 8 M from PE investors

Ahmedabad-based KHUSHI FOODS LTD has raised USD 8 M from a consortium of PE investors in its first round of external funding. Promoted in 2007, the company is the largest manufacturer & exporter of dehydrated vegetables & spices in India.

23 November 2015 / Deal Street Asia

NEO GROUP (SGP) buys 90% stake in CT VEGETABLES & FRUITS for USD 4 M

As part of its vertical integration strategy to provide turnkey food & catering solutions, NEO GROUP LTD acquired 90% stake in CT VEGETABLES & FRUITS PTE LTD, a Singaporean fruits producer that trades more than 300 varieties of fruits & vegetables. Its original owner will retain the remaining 10% stake.

4 November 2015 / BT Invest

HEALTH & BEAUTY

Healthcare

CORDLIFE GROUP (SGP) proposes STEMLIFE (MYS) acquisition for USD 17.1 M

Singapore-listed consumer healthcare corporation CORDLIFE GROUP is seeking to increase its presence in Malaysia by acquiring shares of associated firm STEMLIFE BERHAD in a deal value at USD 17.1 M.
Founded in 2001, CORDLIFE is a cord blood & umbilical cord lining banking services provider & already contains a 33% equity interest in STEMLIFE.

EV/Revenue = 3.6x

16 November 2015 / Company press release

ZAGRO ASIA’s directors want to take the company private by offering 30 cents per share

ZAGRO ASIA (SGP) manufactures & distributes healthcare products for livestock, poultry, aquatic animals & corps. The directors of the Singapore-listed company have offered to take the company private & they currently hold just under 67% of the company.
The directors offered to buy all the remaining & issued & paid-up shares they do not own for 30 cents apiece The offer is 15.4% higher than ZAGRO ASIA’s last traded price of 26 cents.

3 November 2015 / Deal Street Asia


Pharmaceuticals

PFIZER set to buy ALLERGAN for more than USD 150 Bn

PFIZER INC was due to secure formal board approval on Sunday for its acquisition of Botox maker ALLERGAN PLC for more than USD 150 Bn, making the largest deal in the healthcare sector.
The deal will involve PFIZER paying with 11.3 of its shares for each ALLERGAN share & less than 10% of the deal value will be paid in cash.

Based on LTM ended October 2015
EV/Revenue = 8.4x
EV/EBITDA = 21.4x

23 November 2015 / Reuters


Cosmetics

Personal care products manufacturer APCO (THA) forms JV with Singapore partners to expand overseas

ASIAN PHYTOCEUTICALS PCL (APCO), Thailand’s natural-made personal care product manufacturer, is forming a JV firm ASIAN PHYTOCEUTICALS INTERNATIONAL LTD (API) with Singaporean partners to launch a new multi-level marketing business in ASEAN.
APCO & 2 executives from APCODM & SAB will share 33.3% equally in the newly formed JV.

Revenue 2014 = USD 11.9 M
Net Profit 2014 = USD 3.3 M

17 November 2015 / Deal Street Asia

ENGINEERING & CLEANTECH

Engineering & Construction

Construction firm INDOPORA (IDN) hopes to mop up USD 42.78 M via IPO

Local construction firm INDONESIA PONDASI RAYA, better known as INDOPORA, aims to raise up to USD 42.78 M from an IPO next month. The company is offering 303 million shares, equivalent of 15.13% of its total paid-up capital.

17 November 2015 / Jakarta Globe

CHINA ENERGY ENGINEERING CORP LTD’s IPO might raise USD 1.96 Bn

CHINA ENERGY ENGINEERING CORP (CEEC) is set to launch an up to USD 1.96 Bn IPO. CEEC provides engineering, procurement & construction services to energy companies in China. The IPO will consist of 8.8 Bn shares, 90% new shares issued by CEEC & 10% from CHINA’S NATIONAL SOCIAL SECURITY FUND. The shares will be offered in an indicative range of USD 0.205 to 0.223 each.

24 November 2015 / Reuters


Water Treatment & Waste Management

MANILA WATER’s Singapore unit buys 24.5% of CU CHI WATER (VIE) for USD 7 M

A unit of MANILA WATER COMPANY CORP in Singapore has bought 24% stake of Vietnam-based SAIGON WATER INFRASTRUCTURE CORP in CU CHI WATER SUPPLY SEWERAGE COMPANY LTD for USD 7 M.
CU CHI WATER is engaged in water exploitation, treatment & supply & sewerage & waster water treatment.

4 November 2015 / Deal Street Asia


Renewable Energy

WELSPUN GROUP (IND) to sell its renewable energy business

WELSPUN GROUP, led by Indian businessman BK GOENKA, is looking to sell its renewable energy business WELSPUN RENEWABLES ENERGY. The group has appointed BARCLAYS to find a buyer for the business which has an EV of USD 1.5 Bn.
The business consists largely in solar power plants and a small presence of wind energy.

30 November 2015 / Economic Times


WELSPUN GROUP (IND) to sell its renewable energy business

The US-based world’s largest renewable energy company SUNEDISON has signed a definitive agreement to acquire CONTINUM WIND ENERGY LTD (CWE), Singapore-based with assets in India.
SUNEDISON has been looking to ramp up its presence in Asia’s third-largest economy since New Delhi last year announced a huge rise in its clean energy targets. The company has also announced the sale of 425 MW of projects in India to TERRAFORM GLOBAL for USD 231 M.

25 November 2015 / Livemint

NEW TECH

E-commerce

VENTURRA CAPITAL leads Series A investment in Indonesian online beauty platform SOCIOLLA

Indonesia-based cosmetics & beauty e-commerce engine SOCIOLLA secured an undisclosed Series A investment led by VENTURRA CAPITAL, an Indonesian venture capital firm sponsored by LIPPO GROUP that has launched USD 150 VENTURRA FUND I to nurture technology & Internet business in Southeast Asia. This round of funding was followed by EAST VENTURES (JP) & KAPANLAGI GROUP (IND).
SOCIOLLA was founded in 2015 & currently has 140 brands available on offer with traffic of 25K.

16 November 2015 / Tech in Asia

NAAPTOL.COM, an online & teleshopping platform run by NAAPTOL ONLINE SHOPPING PVT LTD, has raised USD 51.8 M from Japanese conglomerate MITSUI & CO. After this acquisition, MITSUI will hold 20% stake in NAAPTOL.
Founded in 2008, NAAPTOL offers its services through multiple touch points including print, TV & web, mobile app & direct marketing. The company claims to process around 20,000 orders per day.

24 November 2015 / Times of India

LUXURY & LIFESTYLE

Jewellery

Jewelry portal FOURSEVEN.IN raises USD 450 K from INDIAN ANGEL NETWORK

Gurgaon-based FOURSEVEN, which runs jewelry & accessories portal FOURSEVEN.IN has raised USD 450 K from early stage investor INDIAN ANGEL NETWORK (IAN).
Founded in 2013, the firm will use the funds to expand the team, increase products range, enhance technology & set up offline stores.

19 November 2015 / Livemint


Fashion

Online curated fashion startup STYLETAG.COM (IND) lands USD 7.5 M funding from EMBASSY GROUP’s chairman

Bangalore-based INTREPID ONLINE RETAIL PVT LTD, which runs STYLETAGE.COM, an online-curated fashion & lifestyle startup, has raised USD 7.5 M from property firm EMBASSY GROUP’s chairman Jitu Virwani.
The startup will use the funding for its expansion plans, hire talent & to acquire more private label brands.

17 November 2015 / Livemint

Bengaluru-based CARAVAN has raised USD 1.2 M from early stage venture fund

CARAVAN CRAFT RETAIL, an apparel & home décor company in India, has raised USD 1.2 M from UNITUS SEED FUND, an Indian-focused early stage fund, existing investors & others. In addition to this, the startup has secured USD 2 M in debt from NATIONAL SKILL DEVELOPMENT CORPORATION.
Founded in 2008, the funds will be used to expand presence in other Indian cities as well as international markets.

20 November 2015 / Economic Times

NALANDA CAPITAL (IND) part-exits lingerie maker LOVABLE LINGERIE (IND)

PE firm NALANDA CAPITAL has part-exited its investment in LOVABLE LINGERIE, a Mumbai-based women innerwear manufacturer.
NALANDA has sold 2.04% stake for around USD 1.2 M, making a loss of around 40% on its original investment in 2013 (estimation by analysts from DSA)

20 November 2015 / Deal Street Asia, Capital Mind


Food Service

Mumbai-based MIRAH HOSPITALITY plans to raise USD 53 M by selling 49% stake

MIRAH HOSPITALITY, which runs restaurants such as KHANDANI RAJDHANI & UNITED SPORTS BAR & GRILL, is planning to sell 49% stake in its businesses to raise USD 53.5 M.
Funds from the sale will be used to expand their restaurants three-fold, led by RAJDHANI and FALAFEL, its brand for Lebanese food.

3 November 2015 / Economic Times

Quick Service Restaurant chain HAPPY HAKKA (IND) plans to raise USD 5-8 M

Quick service Asian restaurant chain HAPPY HAKKA has plans to raise between USD 5 to 8 M to fund its expansion in North India according to a statement from one of the company’s investors.
HAPPY HAKKA currently operates 3 outlets in New Delhi & 1 in Noida. It has plans to expand to 50 outlets over the next 2 years.

13 November 2015 / Deal Street Asia


Hospitality

MARRIOTT to buy STARWOOD in USD 12.2 Bn deal

MARRIOTT INTERNATIONAL INC will buy STARWOOD HOTELS & RESORTS WORLDWIDE INC in a cash & stock deal valued at USD 12.2 Bn to create the world’s largest hotel chain. The offer translates into USD 72.08 per share for STARWOOD, a discount of 4% to the stock’s Friday close.
Based on 12 months ended September 2015:
EV/Revenue = 2.3x
EV/EBITDA = 13.8x

16 November 2015 / NY Times, Deal IQ

MINOR INTERNATIONAL (THA) plans USD 1.17 Bn investment over 5 years

Thai top hotel & leisure operator MINOR INTERNATIONAL has set an investment budget of USD 1.17 Bn over the next 5 years to have more than 200 hotels & 3000 restaurant branches by 2020.
The group will spend between USD 700-750 M on its hotels & restaurants renovation, while the remaining funds will be used on acquisitions.

18 November 2015 / Deal Street Asia

HNA TOURISM GROUP (CHN) takes stake in PIERRE & VACANCES (FRA)

Chinese group HNA TOURISM (tourism business arm of HNA conglomerate) has acquired a 10% stake in a reserved capital increase for EUR 24.7 M, based on a share price of EUR 25.18.
The companies will set up a JV, 60%-owned by HNA aimed at creating & managing holiday destinations near major Chinese cities such as Shanghai, Beijing, Chengdu, …

9 November 2015 / Les Échos


Wine & Spirits

UNITED SPIRITS (IND) to sell French wine arm BOUVET LADUBAY

UNITED SPIRITS, a subsidiary of global beverage maker DIAGEO, is selling its entire stake in the France-based wine company BOUVET LADUBAY to the MONMOUSSEAU family.
To complete the deal, the MONMOUSSEAU family created an investment vehicle named OGMIUS CAPITAL in partnership with 3 private equity firms.

24 November 2015 / Decanter