Deal of the Year – Large Cap
(Equity commitment –  USD 200m and above)

HDFC Credila (ChrysCapital Partners, EQT)

EQT and ChrysCapital Partners acquired HDFC Credila, the education finance business of India’s HDFC, for a valuation of INR 103.5bn (USD 1.26bn) in March 2024. It is the largest-ever private equity buyout in the country’s financial services sector. The opportunity arose because HDFC was required to divest control – it retains 10% – for regulatory reasons. ChrysCapital and EQT moved quickly, with 54 days passing in between initiation and the signing of definitive agreements. EQT also syndicated USD 500m to 20 financial and strategic co-investors, with South Korea’s Shinhan Bank picking up 10%. Value creation initiatives include geographical expansion, digitalization, and cross-selling.

Hollysys Automation Technologies (Ascendent Capital Partners)

Ascendent Capital Partners completed the acquisition of Hollysys Automation Technologies in July 2024, following a nine-month pursuit. The equity value of the business – a leading provider of automation control solutions in China with operations in eight other markets across Asia – was USD 1.66bn. Beset by governance issues and shareholder pressure, Hollysys agreed to run a formal sale process in October 2023. Ascendent executed a proactive strategy, buying up shares on the open market to become the single largest shareholder, securing USD 1.1bn in bank financing to support a take-private, and lining up a strong roster of strategic and financial co-investors.

InvoCare (TPG Capital)

TPG Capital completed the acquisition of InvoCare, a listed Australia-based provider of funeral services and operator of memorial parks and crematoria, in November 2023 for an enterprise value of AUD 2.2bn (USD 1.4bn). This concluded an eight-month pursuit in which the InvoCare board initially resisted the private equity firm’s advances. TPG tabled its first offer in early March, having built up a 17% position. Its holding then increased to 19.9% - enough to discourage any potential competing bids. InvoCare operates 300 funeral locations, 17 cemeteries, and 29 crematoria across Australia, New Zealand, and Singapore. Australia is the largest market.

KFC Japan (Carlyle)

Carlyle acquired KFC Japan, master franchiser for the quick service restaurant chain in the country, in September 2024 at an enterprise value of JPY 130bn (USD 835m). The GP agreed to take out Mitsubishi Corp’s 35.1% stake and then secured another 31.5% through a tender offer. It reached 100% through a squeeze-out. In addition to securing cooperation from Mitsubishi, which was undergoing a portfolio rationalisation, Carlyle had to negotiate with US-based Yum Brands. In doing this, it drew on previous industry experience, including an investment in McDonald’s China. Equity for the transaction came from the firm’s Japan and pan-Asian funds.

SK Rent A Car (Affinity Equity Partners)

Affinity Equity Partners acquired SK Rent A Car, South Korea’s second-largest automotive rental business, in August 2024 at an enterprise value of KRW 3.2trn (USD 2.4bn). It entered into discussions about buying SK Rent A Car in 2016, and was able to move forward when SK Group decided to divest certain non-core assets. Deal execution involved not only winning support from different stakeholders within SK Group, but also restructuring contractual obligations and personnel as part of the separation and navigating change-of-control provisions on public debt. Value creation initiatives include offering higher value-added services and using technology to optimise fleet management.