Sep 14, 2022 | Business
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
Aug 11, 2022 | Business
BDA Partners is pleased to announce that its client, Franklin Templeton, has successfully completed the sale of its stake in In Do Trans Logistics Corporation (“ITL”) to Mitsubishi Logistics Corporation (“MLC”) of Japan.
BDA Partners acted as exclusive advisor to Franklin Templeton on the transaction.
Established in 2000 and headquartered in Ho Chi Minh City, ITL is the largest private integrated, end-to-end logistics company in Vietnam, with leading market positions across all of its business segments including aviation services, freight management, contract logistics, and port logistics.
MLC operates in warehousing and transportation services globally, including an existing joint venture with ITL in Vietnam.
Mark Webster, Partner, Head of Services, BDA Partners, said: “We’re delighted with this transaction, BDA’s second Asian transport & logistics deal in recent weeks. This shows our strong ability to deliver results for clients in the space, despite macro-economic uncertainty. We look forward to more success in Vietnam and across the region in the future.”
Huong Trinh, Partner, Head of Ho Chi Minh City, BDA Partners, said: “This transaction once again demonstrates investors’ confidence in Vietnam’s recovery and rapid growth post COVID. We’re happy to support Franklin Templeton to achieve its divestment goals, while helping MLC and ITL to take their partnership to the next level.”
BDA Deal team
Mark Webster, Partner, Head of Singapore
Huong Trinh, Partner, Ho Chi Minh City
Rica Wirianata, Managing Director, Singapore
Phuoc Pham, Director, Ho Chi Minh City
Minh Tran, Associate, Ho Chi Minh City
Dung Nguyen, Analyst, Ho Chi Minh City
Doug Nguyen, Analyst, Ho Chi Minh City
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organisation with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialisation on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately US$1.45tr in assets under management as of May 31, 2022. www.franklintempleton.com.sg
About In Do Trans Logistics
In Do Trans Logistics provides integrated logistics services to clients in Vietnam and internationally across four business segments: aviation services, freight management, contract logistics, and port logistics. Today, In Do Trans Logistics has many offices across Vietnam and three regional subsidiaries in Cambodia, Laos, and Myanmar. www.itlvn.com
About Mitsubishi Logistics
Founded in 1887, Mitsubishi Logistics engages in the business of warehousing and transportation services, both domestically in Japan and globally. Mitsubishi Logistics is headquartered in Tokyo, Japan and is listed on the Tokyo Stock Exchange (Prime Market). www.mitsubishi-logistics.co.jp/english
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
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Mergers & Acquisitions
Apr 26, 2022 | Business
BDA Partners is pleased to announce the completion of the public tender offer process for the acquisition of Vietnam’s Ngoc Nghia Industry – Service – Trading JSC by global chemical company Indorama Ventures Public Company Limited (IVL), effective on 21 April 2022.
BDA advised Ngoc Nghia, the pioneer and leading provider of PET bottles, preforms and closures in Vietnam. It has long-term partnerships with Vietnamese and multinational companies as well as export customers in many countries. Ngoc Nghia has a reputation for high-quality, full-service solutions with production sites in Cu Chi, Tay Ninh and Bac Ninh. Ngoc Nghia adheres to strict quality control and international production procedures.
IVL is a leading global chemical company headquartered in Thailand, with 140 manufacturing sites in 35 countries.
Paul DiGiacomo, Managing Partner, BDA, said, “Vietnam remains one of the most active Asian M&A markets, with strong foreign investment inflows driven by the promising macro-outlook. This transaction shows investors’ confidence in Vietnam’s recovery and fast growth post COVID-19.”
Simon Kavanagh, Partner, Head of Industrials, BDA, said, “We’re proud to have advised on this transaction – our third industrial transaction in Vietnam during the pandemic. This shows our skills in Industrials, as we deliver best results across borders, even in turbulent markets.”
Huong Trinh, Partner, Head of Vietnam, BDA, said, “We look forward to seeing Ngoc Nghia’s next phase of development. Ngoc Nghia will benefit from consumer growth and the shift in manufacturing and supply chains to Vietnam.”
Paul DiGiacomo, Managing Partner, Hong Kong
Simon Kavanagh, Partner, Hong Kong
Huong Trinh, Partner, Ho Chi Minh City
Phuoc Pham, Director, Ho Chi Minh City
Yen Pham, Vice President, Ho Chi Minh City
Minh Pham, Analyst, Ho Chi Minh City
About Ngoc Nghia
Ngoc Nghia provides PET bottles, preforms and closures to a diversified base of customers in Vietnam and internationally. The Company was founded in 1993 and is headquartered in Ho Chi Minh City, Vietnam. www.nnc.vn
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific. The company’s portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama Ventures products serve major FMCG and automotive sectors, i.e., beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has about 26,000 employees worldwide and consolidated revenue of US$14.6 billion in 2021. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI). www.indoramaventures.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 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 authorised 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
Jan 18, 2022 | Business
BDA Partners is pleased to announce that its clients, the shareholders of Con Cung Investment Corp (“Con Cung”), have sold a minority stake to Quadria Capital. The co-founders of Con Cung will continue to drive the growth of the company, with the support of Quadria Capital and existing institutional shareholders. Part of the proceeds will be used to support further growth of Con Cung.
BDA was the exclusive financial advisor to Con Cung.
Con Cung is the leading mom-and-baby (“M&B”) retail chain in Vietnam, with nearly 600 stores across 48 provinces. As the one-stop M&B solution provider, Con Cung has a diversified product portfolio including baby food, diapers, childrenswear, toys, and personal care products, both private label and third-party brands.
The Company possesses an integrated management system covering all business aspects (from store development, merchandising, planning, logistics to finance and accounting). Con Cung’s system helps to ensure efficient daily interaction between business functions, minimize labor cost, keep track of store performances in real-time basis, as well as optimize store assortment and inventory management.
On the back of its strong IT foundation, the Company has been able to quickly expand its store network and to develop an integrated omni-channel business model. Con Cung’s mobile app offers a customized, seamless shopping experience to customers from online to offline, and aims to be the leading e-commerce “super-app” with quality M&B products and personalized solutions for Vietnamese families.
Nguyen Quoc Minh, Chairman of Con Cung, said, “Over the last ten years, Con Cung has grown rapidly to become the leading, top-of-mind mom and baby retailer in Vietnam; and our strong technology background has helped us to capture the rapidly growing internet economy and online shopping trend in recent years in Vietnam. Leveraging our market leadership in the country, the partnership between Con Cung and Quadria Capital will prepare the company for its next phase of growth, with the focus on expanding the store network, developing the omni-channel model, and generating a differentiated experience for customers.”
Ewan Davis, Managing Director of Quadria Capital, said, “The Covid-19 pandemic has shown how important it is for us to prioritise health and wellbeing. We are proud to partner with Con Cung to provide easy access to essential healthcare products and services in Vietnam, especially to the vulnerable population such as growing families with infants and young children. Con Cung has done a tremendous job in building a market leading platform that addresses such unmet needs and we are excited to come on board to support its next phase of growth.”
Huong Trinh, Managing Director, Head of Ho Chi Minh City, BDA Partners, said, “We are proud to have advised our clients on this transaction. Despite the severe disruptions brought by Covid-19 in the second half of 2021, this transaction was concluded within six months. Vietnam remains an attractive destination for foreign investors during the pandemic, driven by a promising macroeconomic outlook, growing consumer base, and rapidly rising internet economy.”
Karen Cheung, Managing Director, Head of Consumer & Retail Asia, BDA Partners, said, “This marks the first investment of Quadria Capital in the fast-growing retail space in Vietnam. We look forward to seeing Con Cung’s strong expansion in the near future with the support from Quadria Capital, given the surge in demand for quality M&B goods, and the shift in consumer behaviour towards omni-channel retail. This transaction demonstrates BDA’s expertise in cross-border execution, and reaffirms our strong ability in the consumer sector.”
Deal team
Huong Trinh, Managing Director, Ho Chi Minh City
Karen Cheung, Managing Director, Hong Kong
Pius Sutopo, Vice President, Singapore
Yen Pham, Associate, Ho Chi Minh City
Minh Pham, Analyst, Ho Chi Minh City
Doug Nguyen, Analyst, Ho Chi Minh City
Danny Nguyen, Analyst, Ho Chi Minh City
About Con Cung
Con Cung operates the largest retail chain for mother and baby products in Vietnam. The company was founded in 2011 and is headquartered in Ho Chi Minh City, Vietnam. www.concung.com
About Quadria Capital
Quadria Capital is an independent healthcare focused private equity firm, with assets under management exceeding US$2.2bn and investments in 21 companies across the Asia-Pacific region. www.quadriacapital.com
About BDA
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 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 authorised 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
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