Exit of the Year – Large Cap
(Equity commitment on entry – USD 200m and above)

Alinamin Pharmaceutical (Blackstone)

Blackstone sold Alinamin Pharmaceutical, a Japan-based producer of over-the-counter medicines, to MBK Partners in July 2024 at a reported valuation of JPY 350bn (USD 2.2bn). The GP acquired the business in 2021 through a JPY 242bn carve-out of Takeda Pharmaceutical’s consumer healthcare unit. This was the firm’s second investment in Japan and now it has become the first exit. During the ownership period, Alinamin achieved revenue and earnings growth by strengthening its domestic market share through new product launches and increased marketing spend, expanding into other Asian markets, and developing e-commerce channels. Blackstone re-invested in a minority capacity alongside MBK.

JS Global (CDH Investments)

CDH Investments completed its exit from China-based household appliances manufacturer JS Global in August 2024, ending a 17-year journey that included significant global expansion. The private equity firm invested in Joyoung in 2007 and then partnered with the company in the acquisition of US-based SharkNinja in 2017. The parent company rebranded as JS Global and listed in Hong Kong in 2019. CDH subsequently engineered a spinout of SharkNinja, resulting in a US listing last year. The private equity firm made gradual realisations from both with proceeds exceeding USD 900m. The investment generated a 3.5x money multiple and a 39% IRR.

McDonald’s China (Carlyle)

Carlyle sold its 28% interest in McDonald’s China, which holds the master franchise for the quick service restaurant chain in much of Greater China, back to McDonald’s Corp for USD 1.6bn in January 2024. The private equity firm – which secured a 6.7x return – was part of a consortium that acquired 80% of McDonald’s China in 2017 for an enterprise value of around USD 1.8bn. The company doubled its store footprint to more than 5,500 outlets while maintaining robust same-store-sales growth. Key value creation initiatives included expanding digital marketing and online delivery, fully digitalising operational capabilities, and driving menu innovation.

Nichii Gakkan (Bain Capital)

Bain Capital exited Japan-based nursing care service provider Nichii Gakkan in June 2024 when Nippon Life Insurance acquired 100% of the business for an enterprise value of JPY 259bn (USD 1.66bn). Working with the founding family and CEO, the GP led a take-private of Nichii Gakkan in 2020 at an enterprise value of JPY 125bn. It drove an organisational restructuring that involved exiting non-core businesses, some of which were loss-making, and implemented cost reduction initiatives. The freed-up resources went towards core business areas, focusing on customer acquisition and productivity improvement. M&A capabilities were also enhanced, leading to seven bolt-on acquisitions.

Singlife (TPG Capital)

TPG Capital sold its 38% stake in Singlife in March 2024 when Japan-based Sumitomo Life acquired the business at an enterprise value of SGD 4.6bn (USD 3.6bn). It generated a 2.4x money multiple and a 34% IRR. Originally a digital disrupter, Singlife was transformed into a leader in Singapore life insurance by a SGD 3.2bn merger with Aviva Singapore in 2020. TPG helped initiate the deal and became the largest shareholder, ahead of Aviva and Sumitomo Life. It was also instrumental in the exit, negotiating with Sumitomo Life to secure a 15% premium to the price earlier struck with Aviva.