As Fosun International gears up for a first close on its $1 billion private equity vehicle, the Chinese conglomerate is actively buying assets in Europe.
Its latest is the acquisition of an undisclosed stake in Israeli technology firm Alma Lasers from global private equity firm TA Associates. Fosun bought the company at an enterprise value of $220 million, according to a statement from Harris Williams & Co, an investment bank that was an adviser on the deal.
Alma Lasers is a medical and cosmetic device manufacturer based in Israel. TA Associates acquired 65 percent of the business in 2006 for $90 million, media reports said at the time.
“The acquisition of Alma Lasers by Fosun International is the largest technology-focused investment in Israel by a Chinese acquirer and represents a landmark transaction,” Thierry Monjauze, managing director at Harris Williams & Co, said in a statement.
With the evolution of this market and with groups wanting to become Blackstones or Carlyles –Fosun is serious about building an asset management platform that is broader than just the onshore market
PEI's industry source
Earlier in May, Fosun teamed with AXA Private Equity to acquire French resort operator Club Méditerranée for $700 million, Private Equity International reported earlier.
The Chinese conglomerate has been actively investing in Europe as it prepares to make a first close on its $1 billion private equity fund that will target cross-border opportunities between Europe and China.
Having previously focused on RMB-denominated private equity funds, Fosun is now targeting sophisticated institutional investors for a US dollar fund. “[Fosun] is a powerhouse on the RMB fundraising side, but hasn’t really done much in the way of a typical US dollar fund. With the evolution of this market and with groups wanting to become Blackstones or Carlyles – Fosun is serious about building an asset management platform that is broader than just the onshore market,” an industry source told PEI.
Fosun Group is one of the largest private holding companies in China, with $25.8 billion of total assets and $12.5 billion of assets under management.