The victorious entries from Asia-Pacific consist of Japanese high-tech manufacturers, one of the largest exits in Indian private equity history and a particularly fruitful ESG strategy for a New Zealand-based honey producer. All three significantly revamped the company leadership.
When Advantage Partners sold Fasford Technology, manufacturer of die-bonding equipment for semiconductor fabrication, it achieved a very impressive 10x money multiple, having doubled EBITDA during its ownership. It is a strong example of carving out a company and setting it up to stand on its own.
Advantage turned Fasford into a market leader by overhauling the management and introducing a string of key hires. Blackstone achieved its remarkable success with Intelenet Global Services by following a similar game plan: significantly strengthening the management as well as the sales teams in the US and Europe.
“The value-creation programme included both top-line and bottom-line initiatives: hiring a capable senior management team that institutionalised the sales process and created metrics-driven incentives in driving the top-line growth and launching its profit improvement programme, which achieved significant and immediate bottom-line results. The investment in digital technologies will help Intelenet Global Services grow in the long-term,” says awards judge Jian Li.
New management was also brought into Manuka Health by Pacific Equity Partners, with new hires chosen for their expertise in food products, agribusiness and social responsibility. ESG played a central role in the company’s strategy.
Awards judge Veronique Lafon-Vinais says: “The interesting part is the development of standards for the product, although how much it contributed to the growth is hard to gauge. The ESG strategy in this case is closely linked to the business core.”
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