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Home > PE News > By Region > Australasia > New Zealand

China Merchants beat out CHAMP, Pacific Equity for pallet-maker China Merchants beat out CHAMP, Pacific Equity for pallet-maker

05 Jul 2010. Source: AltAssets
Australian private equity firms CHAMP and Pacific Equity have been beaten to the punch for Loscam, a pallet-maker owned by Affinity Equity Partners, by Chinese state conglomerate China Merchants Group, with a deal value estimated at up to AUS$700m ($587m).

CHAMP and Pacific Equity had both reportedly progressed to the second round of the Loscam bidding, and were tipped to be among the frontrunners. Larger buy-out firms KKR, Bain Capital and Warburg Pincus were also said to be eyeing the company, while Carlyle reportedly put in a preliminary offer but decided not to proceed to the next round.

Loscam, which was acquired by Affinity for AUS$250m ($209.8m) in 2005 from DB Capital Partners, is a supplier to the world’s largest pallet-supplier, Brambles.

China Merchants Group president Dr Fu Yuning said, “The addition of Loscam to our group is a major milestone and provides a great opportunity for our business. Loscam is the first major overseas acquisition by China Merchants Group outside of the Asian region.”

China Merchants Group is a state-owned business conglomerate, established in 1872, with a focus on transport and infrastructure, property development and management, and financial investment and asset management. Its total assets stood at $39bn as of 31 December 2009.

Copyright © 2010 AltAssets


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