Carlyle to invest $190m in China Fishery

Carlyle's investment will help the Singapore-listed integrated fishing company pursue its expansion plans and improve operational efficiency.

The Carlyle Group is investing up to S$266 million (€155.4 million; $190 million) in China Fishery Group, a Singapore-listed industrial fishing company.

The investment will be made in the form of about 113.51 million new shares and 26.67 million warrants. Upon exercise of all its warrants, the investment will fetch Carlyle up to 13.62 percent of the enlarged share capital of China Fishery, the company said in a statement.

Carlyle is buying new ordinary shares at S$1.85 a share and warrants at an exercise price of S$2.10. 

The investment will allow the company to make strategic investments in the global fishing industry and help improve the company’s operational efficiency. “In addition to the new capital that will help fuel our expansion plans, China Fishery can also benefit from leveraging Carlyle’s extensive network, acquisition and financing expertise and strategic insights,” Ng Joo Siang, group managing director of China Fishery, said in a statement.

China Fishery is a global integrated fishing company. Listed on the Singapore exchange in 2006, the company harvests, onboard processes and delivers catch to consumers around the world. The company also has purse seine fishing vessels and fishmeal processing plants along Peru’s coastal areas. 

“We believe China Fishery will make good use of the expansion capital and our value-add to establish itself as a reliable and responsible supplier of fish products to the global market,” Patrick Siewert, a senior director at Carlyle, said in a statement. 

The investment will be made from Carlyle Asia Partners III, a $2.55 billion buyout fund focused on Asia ex-Japan, that closed in April. In Asia ex-Japan, Carlyle also makes growth capital investments from Carlyle Asia Growth Partners IV, which closed on $1.04 billion in June 2009.

Carlyle was advised by HSBC while UBS acted as financial advisor to China Fishery.