BDA Partners is pleased to announce that the funds advised by its client, Advantage Partners, have agreed to sell WD Holdings Co Ltd, the holding company of Wavedash Co Ltd (“Wavedash”) to Vivid Seats Inc (NASDAQ: SEAT). The transaction is expected to close in Q3 2023, subject to regulatory requirements and other customary closing conditions.
Wavedash, headquartered in Tokyo, operates Japan’s longest serving and largest secondary ticketing marketplace for live events.
Vivid Seats, headquartered in Chicago, is a leading marketplace that uses its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year.
Stan Chia, CEO, Vivid Seats, said: “Wavedash presents a strategically exciting and financially accretive opportunity for Vivid Seats. Wavedash is the market leader in the Japanese secondary ticketing market, with a large and growing customer network supported by robust technology and compliance capabilities. We are excited to grow our TAM by expanding internationally with a market leading business.”
Jeff Acton, Partner, Head of Technology and Co-Head of BDA Tokyo, commented: “We are very pleased to have helped Wavedash find a new partner in Vivid Seats, and match the two leading marketplaces for secondary tickets in Japan and the US. There has been increasing global interest to acquire Japanese companies in the Tech sector and we expect the trend to continue. The deal demonstrates BDA’s capabilities to successfully deliver cross-border M&A solutions to private equity funds in Japan.”
BDA acted as exclusive financial advisor and TMI Associates acted as legal counsel to Advantage Partners. Simmons & Simmons and Nishimura & Asahi acted as legal counsel to Vivid Seats.
The BDA Deal team includes: – Jeff Acton, Partner, Co-Head of Tokyo, Head of Technology, Tokyo – Brian Lee, Director, Tokyo – Hikaru Murase, Vice President, Tokyo – Mai Truong, Associate, Tokyo – Junya Aizawa, Analyst, Tokyo
About BDA Partners BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets. www.bdapartners.com
About Advantage Partners Advantage Partners is a private equity firm based in Tokyo that specialises in buyouts, carve-outs, turnarounds, privatisations, minority investments amongst other types of investment transactions. The fund established in 1997 and serviced by Advantage Partners is considered Japan’s first private equity fund and Advantage Partners has since advised funds that have invested over JPY 500bn across over 100 investments. The company also has offices in China, Hong Kong and Singapore to cover the Asian region, along with a dedicated renewables and sustainability special purpose acquisition company listed on the New York stock exchange (NYSE: APCA).
About Vivid Seats Inc. Vivid Seats Inc. operates as an online secondary marketplace for tickets in the United States and Canada. The company operates in two segments, Marketplace and Resale. The Marketplace segment acts as an intermediary between event ticket buyers and sellers; processes ticket sales on its website and mobile applications through its distribution partners; and sells tickets for sports, concerts, and theater shows, and other live events. The Resale segment acquires tickets to resell on secondary ticket marketplaces; and provides internal research and development support for Skybox and to deliver seller software and tools. The company was founded in 2001 and is headquartered in Chicago, Illinois.
BDA Partners is pleased to announce that its client, The Sherwin-Williams Company (NYSE: SHW), has completed the divestment of its China architecture paint business, under the brand name Huarun in China, to global coatings company Akzo Nobel NV (ENXTAM:AKZA).
The business is one of the leading decorative paints originally from Shunde, Guangdong province, known as the “hometown of paints” in China. Founded in 1990, Huarun is a legacy brand, deeply rooted in the Chinese paints industry, across retail and project channels nationwide. The business was acquired by The Valspar Corporation in 2006 and became part of Sherwin-Williams when it acquired Valspar in 2017.
BDA acted as exclusive financial advisor to Sherwin-Williams on the transaction. Jeffrey Wang, Partner, Co-Head of BDA Shanghai, said: “We’re pleased to deliver a strong outcome for Sherwin Williams, a repeat BDA client, to help optimize its business portfolio across the world. We look forward to the continued success of the Huarun business under its new ownership. This transaction demonstrates BDA’s leading role as an advisor on multinational corporate carve-outs in China and the rest of Asia.”
About Sherwin-Williams The Sherwin-Williams Company (NYSE: SHW) is the global leader in the coating industry with 61,000+ employees and business in 120+ countries. Founded in 1866, and headquartered in Cleveland, Ohio, Sherwin-Williams engages in the manufacture, distribution, and sale of paints, coating, and related products to professional, industrial, commercial, and retail customers.
About Akzo Nobel NV Akzo Nobel NV (ENXTAM:AKZA) is one of the largest paint manufacturer in the world. Founded in 1646 and headquartered in Amsterdam, the Netherlands, Akzo Nobel engages in the production and sale of paints and coatings worldwide. It offers its products primarily under AkzoNobel, Dulux, Levis, etc
About BDA Partners BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com
BDA Partners is pleased to announce that its client, Coats Group plc (“Coats”), the world’s leading industrial thread and global footwear component manufacturer, has entered into an agreement to sell its European Zips business to Aequita. The transaction is expected to complete in Q3 2023, following carve out activities. The European Zips business is a world leading zipper manufacturer, with production facilities located in Italy, Germany, Estonia and Turkey. It focuses on high quality, custom and niche zippers, including luxury, automotive and technical applications. The business has a leading position within the sustainable zipper segment.
An exit from European Zips is in line with Coats’ strategic initiatives which were announced in March 2022. The strategy optimises the Company’s portfolio and footprint, and improves the overall cost base efficiency.
BDA acted as exclusive financial advisor to Coats on the transaction. Sonal Arora, Managing Director of Group Strategy at Coats, said: “We are pleased to announce the divestment of the Zips business, which is in line with Coats’ strategy to simplify the portfolio and increase focus on core operations. We wish the business and its new owners every success in the future. BDA’s cross border expertise was instrumental in delivering an effective outcome.”
Jonathan Aiken, Partner, Head BDA London, added: “This transaction reaffirms BDA’s continued expertise in executing cross-border carve-outs. We are pleased to have supported Coats on this non-core divestment and wish the management and employees well under new ownership.”
BDA Deal team: Jonathan Aiken, Partner, Head of London Ruari Sinclair, Director, London Nils Weng, Associate, London Diane Zarka, Analyst, London
About the European Zips business The business is a leading manufacturer of zippers for custom and niche solutions, including luxury, automotive and technical applications. With four facilities spanning Europe, the company provides industry-leading quality and sustainable zippers to blue-chip customers.
About Coats Group PLC Coats is a world leader in thread manufacturing and structural components for apparel and footwear, as well as an innovative pioneer in performance materials. These critical solutions are used to create a wide range of products, including ones that provide safety and protection for people, data, and the environment. Headquartered in the UK, Coats is a FTSE250 company and a FTSE4Good Index constituent. Revenues in 2022 were $1.6bn.
Trusted by the world’s leading companies to deliver vital, innovative, and sustainable solutions, Coats provides value-adding products, including apparel, accessory and footwear threads, structural components for footwear and accessories, fabrics, yarns, and software applications. Customer partners include companies from the apparel, footwear, automotive, telecoms, personal protection, and outdoor goods industries.
With a proud heritage dating back more than 250 years and a spirit of evolution to constantly stay ahead of changing market needs, Coats has operations across some 50 countries with a workforce of over 17,000, serving its customers worldwide. Coats connects talent, textiles, and technology to make a better and more sustainable world. Worldwide, there are three dedicated Coats Innovation Hubs, where experts collaborate with partners to create the materials and products of tomorrow. It participates in the UN Global Compact and is committed to science-based sustainability targets for 2030 and beyond, with a goal of achieving net-zero by 2050. Coats is also committed to achieving its goals in Diversity, Equity & Inclusion, workplace health & safety, employee & community wellbeing, and supplier social performance.
To find out more about Coats, visit www.coats.com.
About Aequita Aequita is a Munich-based family office investing in special situations including corporate carve-outs, successions, and transformational situations across Europe. Its current portfolio spreads across the automotive, industrial goods and construction industries with EUR 1.5 billion in revenues. With a strong capital base, entrepreneurial expertise and a partnership approach, the team focuses on the acquisition and long-term value enhancement of companies that can benefit from an operational engagement.
About BDA Partners BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
BDA Partners is pleased to announce that its client, Lavazza Group, has decided to partner with Everstone to fuel its growth in the India market. Lavazza has also granted Fresh and Honest an exclusive license for the premium Lavazza coffee brand in India.
BDA Partners acted as exclusive financial advisor to Lavazza Group on the transaction.
Lavazza Group has operated in India through Fresh and Honest Café Limited (“F&H”), which owns the Fresh and Honest coffee brand, and holds exclusive rights for the premium Lavazza brand.
Lavazza is the symbol of Italian coffee around the world, a global icon representing the authentic Italian experience.
Antonio Baravalle, CEO of Lavazza Group, said “Lavazza Group has been operating in India for the last 15 years. We believe that such a credible and solid local partner as Everstone Group will ensure the achievement of the full potential, and that the Lavazza brand will have an even stronger growth and positioning in the future, as India grows its consumption of coffee.”
Kumar Mahtani, Head of Consumer India, BDA, added: “We’re proud to have advised Lavazza Group on this exciting partnership for India with a highly credible partner, Everstone Group. F&H, with its affordable Fresh and Honest brand, and the rights for the premium Lavazza brand for India, represents a well-positioned blend of affordable and premium coffees in India. This transaction demonstrates BDA’s ability, yet again, to find the right partners for our global Consumer & Retail clients.”
BDA deal team Kumar Mahtani, Head of Consumer, Mumbai Sanjay Singh, Head of Mumbai Rohit Kumar, VP, Mumbai Swati Narayan Simran Kejriwal
About Lavazza Group Luigi Lavazza S.p.A. is an Italian manufacturer of coffee products. Founded in Turin in 1895 by the tenacious and intuitive Luigi Lavazza, it was initially run from a small grocery store at Via San Tommaso 10. Lavazza is a family-run company, which carefully sources the highest quality beans from sustainable farms. It offers an entire line of coffee, espresso coffee machines, and accessories. Luigi Lavazza acquired his small store in the heart of old Torino and discovered a flair for coffee. Over generations, he and his family mastered the art and science of coffee. Today, run by the fourth generation, Lavazza is the symbol of Italian coffee worldwide, a global icon representing the authentic Italian experience.
www.lavazza.com
About Everstone Singapore-headquartered Everstone Capital is the private equity arm of the Everstone Group, a private Investment firm with assets of over US$8bn under management across private equity, logistics and digital, climate impact and venture. Everstone is also the exclusive master franchisee for Burger King India, Burger King Indonesia, Popeyes Indonesia and Dominos Indonesia. Everstone is a global firm committed to driving economic growth and creating sustainable value. With seven offices globally (Singapore, Mumbai, Delhi, Bengaluru, New York, Dubai and Mauritius), Everstone Capital focuses on the mid-market with a control mindset and growth bias; comprising best of breed investing, operations and strategic resources with significant experience and skills.
www.everstongroup.com www.everstonecapital.com
About Culinary Brands Culinary Brands, part of the Everstone Group, is a food and beverage (F&B) platform, built to transform and scale mass and mass-premium global brands in India and the sub-continent. It owns the exclusive master franchise rights for Subway (the largest QSR brand globally) in India, Bangladesh, Sri Lanka, and other countries.
About BDA Partners BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.
BDA Partners is pleased to announce that its client, Acuity Knowledge Partners (“Acuity”), portfolio company of Equistone Partners (“Equistone”), has acquired Cians Analytics Pvt Ltd (“Cians”). Acuity is a leading provider of high-value research, analytics, and business intelligence services, catering to investment banks, private equity funds, and other financial institutions.
The acquisition represents the first bolt-on made by Acuity since its buyout by Equistone, a leading European mid-market private equity investor, in 2019. Following the acquisition, all Cians employees will join the Acuity workforce, taking its global headcount to over 5,500 employees.
Cians operates in the same space as Acuity, and the acquisition will help consolidate its leading position in the financial services outsourcing market. The transaction will further expand Acuity’s client base of top-tier financial firms, including but not limited to investment banks, private equity funds and hedge funds, and also help expand its service offering.
BDA was the exclusive financial advisor to Acuity and its shareholders. Terms of the transaction were not disclosed.
Manoj Balwani, Managing Director and Head of Technology, India, said: “Cians is a specialised player for Investment Research and Analytics Services in the BFSI vertical. It is a synergistic asset for Acuity, to help multiply growth, consolidate delivery footprint in India, and strengthen its presence in the US market. This transaction highlights the trust global sponsors place in BDA to help their portfolio companies accelerate growth.”
Jonathan Aiken, Managing Director and Head of London, added: “This transaction represents a continuing trend of sponsor portfolio company internationalisation that BDA, by virtue of our pan-Asian footprint, is well placed to support. The outsourced services corridor between Europe and India will continue to accelerate.”
BDA Deal team Manoj Balwani, Managing Director, Mumbai Jonathan Aiken, CFA, Managing Director, Head of London Milap Maru, Vice President, Mumbai Dzung Le, Vice President, London
About Acuity Knowledge Partners Acuity Knowledge Partners is a leading research, analytics, and business intelligence consultant to the financial services sector. The company’s network of analysts and industry experts, combined with advanced data and technology, supports over 420 financial institutions and consulting companies worldwide to operate more efficiently and unlock their human capital, driving revenues higher and transforming operations. It specialises in investment banking, investment research, private equity and consulting, and commercial lending. Acuity is headquartered in London and operates from nine locations worldwide. In 2019, the company was established as a separate business from Moody’s Corporation through its acquisition from Equistone Partners. www.acuitykp.com
About Equistone Partners Europe
Equistone is an independent investment firm wholly owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on the change of ownership deals and aims to invest between €25m and €200m+ of equity in various businesses. The company has a team of over 40 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018, and has recently launched the Equistone Reinvestment Fund, with a mandate to make minority re-investments alongside new sponsors following a portfolio company exit from one of its main buyout funds. Equistone is authorised and regulated by the Financial Conduct Authority. www.equistonepe.com
About Cians Analytics Private Limited Cians Analytics was founded in 2009 by Anmol Bhandari and Aman Chowdhury, to provide high-quality, cost-effective research and analytical support for global investment banks, private equity funds, corporations, and portfolio companies allowing them to do more with their time and significantly reduce operating costs. Cians supports financial clients across the entire transaction spectrum from initial investment screening, business and financial due diligence, and market entry/market sizing to post-closing portfolio company/market update maintenance work. The Cians Analytics workforce – known for its industry-leading employee retention rate – is composed of individuals who yield the highest calibre expertise in investment banking and research, equity research, and general business research and analytics. Cians’ value proposition lies in the flexibility of its engagement model, allowing clients to have total control, adding capability and operating capacity while ultimately lowering costs. www.ciansanalytics.com
About BDA Partners BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets. bdapartners.com
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