Asia: Sunland, Qonto, Tikehau, Ritedose, KMSK, CFB …


Consulting & engineering: Egis / Sunland (France / China)

Valued at around € 800m by Tikehau Capital during a primary LBO last September, Egis, specializing in construction engineering and mobility services generating more than € 1bn, continues to develop in the markets of the construction engineering in Hong Kong and mainland China. It acquires the Sunland design office, based in Hong Kong. With more than 130 employees based in Hong Kong and mainland China, the target is aimed at public and private clients for interventions in large-scale projects of all types: commercial spaces, health, hotel, housing, industrial building, public building, etc. With 19 sites and more than 1,900 employees in Asia-Pacific, the French group offers consulting, engineering and operation and maintenance services in the markets of Greater China, South-East Asia and Oceania. For the record, it inaugurated its new headquarters for Asia-Pacific in Hong Kong in September 2021.

Fintech: Qonto / Tencent (France / China)

© Qonto

Qonto, online bank for SMEs, in the portfolio of Alven, Valar, DST Global, Tencent and Hedosophia, completed a series D of € 486 million, led by the American duo Tiger Global and TCV, ahead of Alkeon Capital, Eurazeo, KKR , Insight Partners among others. Alven, initiator in 2016 and also a shareholder of the unicorn Ankorstore, puts it back to the pot, as does the discreet Hedosophia, Valar, DST Global and Tencent (read also the article CFNEWS: Qonto in the top duo of the best valued unicorns).

Corporate Finance: Vertex, Tikehau (Singapore, France)

Two SPACs supported respectively by Vertex Venture Holdings, a subsidiary of the Singaporean sovereign wealth fund Temasek, and Tikehau Capital have filed their application for listing on the Singapore Stock Exchange. These are the first trades to take advantage of the SPAC regime at the Singapore stock exchange platform, which went into effect late last year, while the Hong Kong one then launched its own framework earlier this year. . The IPOs, by Vertex Technology Acquisition Corp (VTAC) and Pegasus Asia, would therefore mark the first listing of SPAC on a major Asian stock exchange, and the first in the region since the frenzy of blank checks in the United States there is two years old. As US regulations have become more stringent, demand for PSPC has calmed down there. PSPCs are listed holding companies to merge with a company in order to introduce this company to the stock market, with the aim of reducing listing delays. The two deals come after the Singapore Exchange put in place a relaxed regulatory framework last year to stimulate a declining IPO market. VTAC is backed by the Singaporean fund Temasek Holdings. Specializing in cybersecurity, fintech and other tech sectors, VTAC is said to aim to raise at least S $ 170 million ($ 125 million) by selling units at S $ 5 per title, without specifying a date. According to Reuters, it could be listed on January 21, subject to regulatory approvals. The second Pegasus Asia, backed by the French Tikehau Capital, which has also filed its prospectus, should be listed on January 25, according to the British agency. Pegasus Asia is reportedly looking to raise at least S $ 150 million and invest in technology sectors, including fintech. Among SPAC’s sponsors is Financière Agache, the holding company of LVMH luxury boss Bernard Arnault. Credit Suisse, DBS and Morgan Stanley are advisers for VTAC, while Citigroup and UBS are leading Pegasus’ offering.

Health: Ritedose / Agic / Novo (United States / China / Germany / Denmark)

© Ritedose

The pan-European and Asian GP AGIC, managing € 2.2 billion, sells the American Ritedose Corporation (Ritedose) to the Danish Novo Holdings for a confidential amount. Humanwell Healthcare, a Chinese drug maker that has owned a minority alongside the fund since 2017, is also divesting at the same time. English-speaking press, however, indicated that the valuation could rise to $ 1.5 billion. Founded in 1995 and headquartered in Columbia, South Carolina, Ritedose specializes in the use of blow-fill-seal (BFS) technology. The company develops and manufactures ophthalmic drugs, respiratory drugs and vaccines under contract. It also markets its own portfolio of generic drugs and products for sterile preparation. Today the company employs more than 400 people. It is headed by Managing Director Jody Chastain, who will continue to lead the company. As a reminder, in 2017, Ritedose was acquired by the tandem made up of AGIC and Humanwell. For this transaction, which is expected to close in the first quarter of this year, Goodwin Procter acted as legal advisor to Novo Holdings and RBC Capital Markets acted as financial advisor.

Football: ACAFP / KMSK (Japan, Singapore / Belgium)

The Japanese ACA acquired the Belgian club KMSK Deinze, which plays in the country’s 1B, via its subsidiary in Singapore ACA Football Partners (ACAFP). President Denijs Van De Weghe and his wife, Kathleen Gevaert, will continue in their current roles on the board of directors and monitor the new stadium project. Denijs Van De Weghe became interim president in 2011. He officially became club president in 2012. Club KMSK Deinze are currently positioned fourth in the 1B Pro League.

Catering: FountainVest / CFB / EQT (China / Sweden)

FountainVest buys the operator of QSR (Quick Service Restaurant) China F&B Group (CFB) from the Swedish fund EQT, for, according to the Bloomberg, $ 160 million. The operation was finalized on December 30th. Based in Shanghai and founded in 2003, Target manages franchised restaurants for Papa John’s and Dairy Queen. It is also the largest franchisee in the world of these two brands outside of the United States. During the period in the EQT Private Equity portfolio, the CFB Group went from a franchise group with two brands in China to a multi-brand food and beverage operator with a diversified portfolio made up of both proprietary brands and franchisees, including Dairy Queen, Papa John’s, Brut Eatery, XiaoMian and San Dao Ru Chuan. The Chinese group has also doubled its number of restaurants from around 500 to over 1,100. For the record, in 2013, EQT joined forces with two local structures: SEB Private Equity and General Oriental Investments, to seize 57 % of the group’s capital.

Appointment Lawyer: Squair (Singapore)

Renée Kaddouch, Squair

With offices in Paris, London and – recently – Nantes, the Squair firm welcomes Renée Kaddouch to accelerate the development of its asian desk. Holder of a doctorate in private law from the University of Aix Marseille III, defended in December 2001, the lawyer intervenes in the context of M&A transactions (domestic and cross borders) and private equity / venture capital. Over the past nine years between South East Asia and Paris, she has developed specific expertise within the framework of expansion projects in South East Asia, in conjunction with local firms. Based in Indonesia and then in Singapore since 2012, she practiced as a lawyer in the Paris and Singapore offices of Genesis Avocats. The arrival of Renée Kaddouch will complete the capacity to support the firm’s clients in Asia, which was created by Xiaoman Pang in March 2020.

Nomination Real estate fund: PGIM Real Estate (London)

Julie Townsend, PGIM Real Estate

Julie Townsend, PGIM Real Estate

PGIM Real Estate, an investment arm dedicated to real estate, strengthens its ESG commitment with the appointment of Julie Townsend as ESG Manager for Europe and Asia. She will be based in London and her appointment is effective immediately. PGIM Real Estate, with $ 201 billion in gross assets under management and administration, manages a total outstanding amount of $ 1,500 billion and brings together the global investment activities of Prudential Financial, Inc. By joining the global ESG team, the new manager oversee all ESG efforts and initiatives in Europe and Asia-Pacific and build on the group’s ambitious sustainability goals. In 2021, PGIM Real Estate is committed to reducing the carbon emissions of its global portfolio of real estate assets under management, aiming for net zero by 2050. After having worked for fifteen years at CBRE, notably as Manager From environmental consulting, Julie Townsend will work closely with PGIM Real Estate’s local investment teams to implement ESG strategy at the company and asset level, as well as lead ESG reports and assessments.

Good week !

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