Exit of the Year – Large Cap
(Equity commitment on entry – $150 million and above)

iNova Pharmaceuticals (Pacific Equity Partners, The Carlyle Group)

Pacific Equity Partners (PEP) and The Carlyle Group completed the sale of a majority stake in Australia-based iNova Pharmaceuticals for an enterprise value of AUD 2.2bn (USD 1.4bn) in October 2022. The buyer was TPG; the exit multiple was 2.5x. PEP and Carlyle acquired iNova from Valeant Pharmaceuticals for AUD 1.2bn in 2016, supported by one of Australia’s first-ever unitranche debt facilities. They shifting the business mix away from prescription brands and towards over-the-counter consumer health medicines, which eventually made up 70% of revenue. Geographic expansion was also prioritised, with the Asia share of revenue rising to more than 25%.

Manipal Health Enterprise (National Investment & Infrastructure Fund, TPG)

TPG and India’s National Investment & Infrastructure Fund (NIIF) exited Indian hospital operator Manipal Health Enterprises in July 2023 when Temasek Holdings increased its stake from 18% to 59%. The deal was reportedly worth INR 163bn (USD 1.99bn). TPG invested in Manipal Health in 2015 through its sixth pan-Asian fund, which paid INR 9bn for a 24.75% interest. While Fund VI made a full exit, TPG put in new capital from Fund VIII. NIIF, which invested in 2021, made a full exit. During TPG’s hold, Manipal Health grew from 1,800 beds across 10 hospitals to 4,200 beds across 25 hospitals.

Sona Comstar (The Blackstone Group)

The Blackstone Group completed a staged exit from Indian automotive industry supplier Sona Comstar in March 2023, selling its remaining 20.5% via open market deals worth INR 49.2bn (USD 597m). Blackstone paid USD 300m for a 33% stake in Sona BLW in 2018 and then initiated a merger with Comstar Automotive Technologies, another portfolio company. The combined business was transformed into an innovation-oriented systems and components maker for domestic and global markets. This included an expansion into supplying electric vehicles. Blackstone received INR 52.5bn from Sona Comstar’s IPO in 2021 and realised INR 40.4bn from another partial exit in 2022.

Vistra (BPEA EQT)

BPEA EQT generated an exit for its fifth and sixth pan-Asian funds in July 2023 through the sale of corporate services provider Vistra. The business merged with Tricor Group, which is part of BPEA EQT’s Fund VIII portfolio. Hong Kong-headquartered Vistra was purchased in 2015 for approximately USD 1.1bn. The company went on to make several bolt-on acquisitions, becoming one of the largest players in its industry globally. Tricor was acquired in 2022 for an enterprise value of USD 2.76bn. The combined entity has a valuation of USD 6.5bn and a footprint comprising 9,000 professionals spread across 50-plus jurisdictions.

Works Human Intelligence (Bain Capital)

Bain Capital secured a full exit for its fourth pan-Asian fund through the sale of human resources software provider Works Human Intelligence (WHI) at a reported valuation of JPY 350bn (USD 2.6bn) in July 2023. It ran a competitive auction process from which GIC emerged as the winner and agreed to buy 50%. Other financial sponsors were interest in the remaining 50% but Bain decided to keep hold of the stake, with Fund V taking out Fund IV. The private equity firm acquired WHI through a JPY 100bn carve-out in 2019. It helped the company transition to cloud-based ERP software.