Bahraini investment group Unicorn Investment Bank has bought an 80 percent stake in Victron, a
Completed in January, the investment was Unicorn's second buyout in the
MENA private equity firms have continued to invest while many of their large buyout peers in Western markets have stalled following the credit surge. From January to November 2007, MENA firms provided only 2.8 percent of global private equity deal volume, but towards the end of this period, in the months of October and November, they accounted for 17.7 percent of global deal volume, according to Dealogic.
H&Q Asia Pacific has acquired an 85.1 percent stake in Taiwan Sumida Electronics, a manufacturer of inverters used in notebook PCs, for ¥1.787 billion ($16 million) from its Tokyo-listed parent. Sumida Corporation, an electronics component manufacturer, said it would retain a 14.9 percent stake in its Taiwanese business.
H&Q Asia Pacific has a history of investing in the thin film transistor LCD industry. Shigeaki Koga, Tokyo-based managing director of H&Q, said the acquisition “highlights our core investment strategy in
Last September, H&Q was part of a consortium including FAT Capital and Merrill Lynch that took private Taiwan-listed Primax Electronics, a designer and supplier of scanners, computer peripherals and Bluetooth accessories in a transaction valued at $265 million.
Fidelity Ventures and Fidelity Asia Ventures have for the first time invested in the same deal, having co-led a $26 million financing round in online marketplace MFG.com.
“It's actually the
Existing investor European Founders Fund also participated in the round, though another significant backer, Bezos Expeditions, the private investment arm of Amazon.com founder and chief executive Jeff Bezos, did not.
Chang said: “All three geographies are growing extraordinarily well, and I think part of the attraction for MFG.com partnering with us is that we have the resources and experience globally to understand what they're doing. We were on the ground in
MFG.com is a means for buyers and sellers of manufactured parts to connect, and its users include large organisations like NASA.
HSBC buys into Indian software business
HSBC Private Equity Asia has invested R300 million ($7.6 million) from an Asia-focused venture fund for a minority stake in Newgen Software Technologies, a software company based in New Delhi. Newgen, which counts HSBC as a client, provides solutions for banking, financial services and insurance, business process outsourcing and telecommunications and government segments. The business is active in
James Savage, investment director of HSBC Private Equity, said Newgen is the fourth Indian investment from the venture fund in the past three years. The $120 million technology-focussed fund closed in 2006 and can deploy between $3 million to $15 million for each investment.
The property arm of the Abu Dhabi Investment Authority Tasameem has bought
Rasmala Investments has acquired a 51 percent stake in Capital Industries & Investments, a Dubai-based private equity firm that focuses on investments in midsize construction-related manufacturing businesses.
CII plans to invest over AED1 billion ($272 million) in mature businesses and joint ventures in the MENA region over the coming year, according to a statement. Tamer Bazzari, partner and head of private equity at Rasmala, said CII “provides us with instant access to a very promising sector of the economy.”
Bazzari said: “With $2.4 trillion of announced construction projects in the GCC, there will be tremendous opportunities for well-managed companies specialised in this industry sector. Our decision to acquire a stake in CII was based on the recognisable milestones it has achieved, its successful investments, CII's strong management team and an attractive pipeline of opportunities.”
CDH Investment and Goldman Sachs are joining up to invest $100 million into Shandong Himin Solar Energy Group, one of the largest solar water heater producers in
This is not the first time CDH and Goldman Sachs are teaming up in an investment. The two invested together in Henan Shuanghui, a Chinese meat and poultry business.
A consortium including Singaporean sovereign fund Temasek Holdings, US bank Goldman Sachs and Australian bank
Abraaj Capital, a private equity firm specialising in investment in the Middle East, North Africa and South Asia region, has sold its stake in Maktoob.com, an internet portal, to hedge fund Tiger Global Management. The sale generated an internal rate of return in excess of 75 percent. Abraaj bought the stake in 2005 using capital from its buyout fund.
Founded in 2000 and headquartered in Amman, Jordan, Maktoob provides a variety of online services to millions of users, including Arabic-language auction site, Souq.com; Arabic-language search engine Araby.com; the matrimonial website, Bentelhalal.com; and Arabic and English web-based email and chat rooms. It was recently ranked as the 102nd most visited site on the internet globally.
According to Abraaj, the Maktoob exit follows the sales of ONIC Holding with an 84 percent IRR, Aramex's 68 percent IRR exit and Amwal which recorded a 101 percent IRR. The firm said it expected to have divested almost all of the buyout fund's remaining portfolio by 2008, making it a six-year cycle of completion at “very profitable terms to all our investors”.