Top 5 Southeast Asia Private Equity – November 2022 deal pipeline

News Analysis 2 December

Top 5 Southeast Asia Private Equity – November 2022 deal pipeline

This is a round-up of the top five major ongoing deals involving private equity houses active in SEA over the last month*.

New Situations

Everlife (29/11/2022)

Singapore-headquartered private equity firm Everstone Capital is looking to start the sale process for its South and Southeast Asia-focused healthcare platform, Everlife Asia, next year, Mergermarket reported. 

The sale process for Everlife, which is expected to have an EBITDA of USD 30m in 2022, is likely to take place late 1H23 or early 2H23. The business could be valued at USD 500m and the vendor has yet to appoint an advisor for the sale.

PLDT towers (third portfolio) (11/11/2022)

Manila Electric Co (Meralco) [PSE:MER] is still weighing if it would join the auction for the 2,000 cellular towers of sister company, PLDT [PSE:TEL] since it is now “very cautious” with acquisitions because of the adverse macroeconomic conditions , Mergermarket reported. Malaysia-based telco company Edotco Group and private equity firm KKR are interested in participating in this process, the report said, citing sources. EdgePoint Infrastructure may also join the bid for the additional PLDT telecom towers, according to media reports. A newswire report in October said PLDT could auction another 2,000 towers valued at USD 300m via a sale-and-leaseback scheme, while a Mergermarket report in early November said that PLDT may hire UBS again as the advisor for this process.

Ongoing Situations

MAP Boga Adiperkasa (30/11/2022)

US-based private equity (PE) firm General Atlantic has tapped HSBC to run its exit process from MAP Boga Adiperkasa [IDX:MAPB], the local franchise holder of Starbucks and Subway in Indonesia, Mergermarket reported. The PE is selling up to a 30% stake to facilitate its exit. General Atlantic was weighing options including a public offering and a private sale with a deal size that could be around USD 300m, as reported by Bloomberg in June last year. The exit process may start in 1H23 and preliminary talks with potential buyers are ongoing.

The Learning Lab (29/11/2022)

The sale of a stake in The Learning Lab (TLL), the Singapore-based tuition chain, by Advent International has attracted private equity firms Platinum Equity and PAG, Reuters reported, citing two sources knowledgeable of the deal. Rothschild & Co has been tapped to run process. Binding offers are due by early December. The final deal valuation may be lower than USD 500m. Other suitors include China-based TAL Education Group and SeaTown Holdings, an investment firm backed by Temasek.

Asia Medical Enviro Services (10/11/2022)

Dymon Asia Private Equity (DAPE) has retained PwC to advise on its potential exit from Singapore-based medical and biohazardous waste treatment company Asia Medical Enviro Services (AMES), Mergermarket reported. Soft marketing of the target has just started. A September Mergermarket report said DAPE was mulling an exit from AMES and could launch a process in 4Q22. AMES has an EBITDA of around SGD 10m, as reported. 

* This is a redacted version of our South East Asia private equity round up. The list does not consider deals that may have been completed but have not yet been made public. Mergermarket publishes comprehensive Private Equity deal round ups for subscribers.

 

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