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BDA Investment Banking Activities September 2013
BDA Investment Banking Activities
September 2013
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Leading Independent Asian Investment Banking Firm
Seoul
Shanghai
Hong Kong
Tokyo
Beijing Bahrain
New York
London
Mumbai
Experience BDA is managed by the same senior team that established the business in 1996. The average tenure of our partners is over ten years
Knowledge Our track record in our focus sectors gives us detailed and current knowledge of market dynamics and transaction interest within each area
Independence We only provide advice and execution capabilities and can therefore focus on the long term goals of our clients without conflicts of interest
We were founded in 1996, and are 80% employee owned 1996
Of our transactions are crossborder in nature 90%
Bankers across three continents 75+
Ho Chi Minh City
2
Our Values In Numbers
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• Extensive coverage of Asian market with M&A bankers on the ground in 8 offices in the region
– 60 + bankers dedicated to M&A on the ground in Asia
• Asian buyers form an important part of our processes:
– 43 assets sold to Asian buyers
– 4,500+ calls made to Asian strategic buyers
– 390+ transactions with Asian participation
– 270+ Indian buyers reviewed memos
– 230+ Japanese buyers reviewed memos
– 220+ Chinese buyers reviewed memos
Shanghai
Tokyo
Mumbai
Beijing
Seoul
Hong Kong
Bahrain
Ho Chi Minh City
Pan-Asian Footprint Dedicated to M&A 30+ Asian transactions over last 24 months
Unique Asian Access Selected Asian Transactions
3
Not Disclosed
has acquired
Pulanna
Not Disclosed
divested S&S Worldwide to
Sansei Yusoki
US$175,000,000
has been acquired by
Ajinomoto
Not Disclosed
has acquired
Plasmart Inc
Not Disclosed
has divested
Radiant Research
Not Disclosed
divested Kienle + Spiess to
Sumitomo Corporation
€30,000,000
has acquired
Riverside & Courtyard
Not Disclosed
divested subsidiary to
CPIC
Not Disclosed
Signed joint venture agreement with
Belton
Not Disclosed
divested Miljøbil Grenland to
Electrovaya Inc
Not Disclosed
has acquired
Barclay Vouchers
€601,000,000
divested chemical subsidiary to
Indorama Ventures
US$96,000,000
divested Proconco to
Masan Consumer
Not Disclosed
divested subsidiary to
Lunar Capital
2013 2013
2012 2012 2012 2012
2012 2012 2012
2012 2012 2012 2012
Not Disclosed
divested L&T Plastics Machinery to
Toshiba Machine
2012
Not Disclosed
Divested leading brand of skincare products to
Johnson & Johnson
2013 2013
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Advisory Services Blue Chip Clients
M&A
• Sell side advisory
• Buy side advisory
• Strategic alternative reviews
Capital Raising
• Equity growth capital
• Debt advisory
• Project finance
Restructuring
• Debtor advisory
• Creditor advisory
– Distressed M&A
Key Statistics – Our Last 20 Transactions
• 100% involved the sale of a controlling stake
• 90% were cross-border deals
• 75% involved Asian buyers or sellers
Extensive Advisory Experience We help our clients close transactions on optimal terms and timing
4
80%
20%
Sell Side
Buy Side
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Deep Industry Knowledge
Se
cto
r C
ov
era
ge
R
ep
rese
nta
tive
Cli
en
ts
• Distribution
• Education
• Facilities Management
• Logistics
• Travel & Leisure
Services
• Capital Equipment
• Components & Connectors
• Contract Manufacturing
• Information & Media Services
Technology
• Coatings
• Electronic Materials
• Petrochemicals
• Plastics
• Specialty & Fine Chemicals
Chemicals
• Aftermarket
• Components
• Distribution
• Services
Automotive
• Building Materials
• Electricals
• Flow Control
• Machinery
• Packaging
Industrials
• Agriscience
• Animal healthcare
• Animal nutrition
• Livestock and crop production
• Soil and seed technology
Agriculture & Agribusiness
• Biotech
• Medical Tech
• Pharma
• Services
Healthcare & Life Sciences
• Apparel & Accessories
• Food & Beverage
• Food Chain
• Food Services
• Luxury Goods
Consumer, Food & Retail
Committed to Eight Sectors
5
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Insight Coverage of Our Core Sectors
• We’ve held 5,000+ M&A discussions yearly since 1996, with North American, European, and Asian corporates
• Over 200+ current and historical mandated corporate clients
• A proprietary database of 15,000+ contacts at 5,000+ companies; updated on average 500 times a month
• We understand what interests trade buyers at any given time in our sectors, and we know how they approach M&A in Asia
We Are Highly Active Across Our Sectors
6
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Award-Winning Expertise in Crossborder Transactions We have been recognized as being at the forefront of the industry and have won numerous awards
7
2010
2011
Investment banking firm of the year
Deal of the decade
2012
US private placement investment banking firm of the year
Technology, media and telecom deal of the year
Crossborder deal of the year
ASIA PACIFIC
M&A AWARDS Boutique M&A investment bank of the year
Crossborder deal of the year: up to US$250m
2013
Investment banking team of the year
2013
Corporate / strategic acquisition of the year
M&A deal of the year: US$100m to US$200m
Investment banking firm of the year
2012
Asia focused corporate finance
advisory firm of the year
2013
Dealmaker of the year
Industrial goods and basic resources deal of the year
ASIA PACIFIC
M&A AWARDS Asian boutique investment banking team of the year
M&A deal of the year
Crossborder corporate finance advisory firm of the year
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Divested electronic glass fiber yarns subsidiary to CPIC in China
Divested Aixam Mega, French quadricycle maker, to Polaris Industries
Divested motor components business in Europe
Divested leading branded baby skincare producer in China
Divested thermal printing solutions business in the US and Asia
Divested global simulation software business in Czech Republic
Beijing Riverside & Courtyard
Acquired a chain of casual-concept restaurants in China
Acquired automotive coatings manufacturer in China
Divested US-based roller coaster manufacturer
Divested Radiant Research, a US-based company
Divested stake in leading Vietnamese animal feed mill
Divested lithium ion battery company in Norway
Shareholders Established HDD carriage assembly JV in Japan and Thailand
Shareholders Acquired radio frequency plasma business in Korea
Divested injection molding machinery subsidiary in India
Global Transactions
8
Client Counterparty Target Transaction
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Prudential plc sale of 40% stake in Proconco to
Masan Consumer
Acquired Barclay Vouchers in Japan from
Divested Swine MH vaccine business in China to Harbin Pharmaceutical
Group
Divested Polymer Division to Eliokem
Joysun sold a 60% stake to Lunar Capital
Secured strategic investment from Baird
Capital and IGC
Jiangsu Xinghe
Larsen MacColl Partners divested S&S Worldwide, a
roller coaster manufacturer, to
Sansei Yusoki
Divested Eliokem to Omnova Solutions
ICICI Ventures and Wockhardt divested Radiant Research Inc,
Transaction
Sponsor Involvement
Transaction
Sponsor Involvement
Divested KDM to Superior Capital Partners /
Nelson-Miller
Vector Capital divested Printronix, Inc. to Corona
Investment Partners
Divested Shanghai Elsker Mother & Baby Co., Ltd to
Johnson & Johnson
Financial Sponsor Coverage Recent Transactions Involving Financial Sponsors
9
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Selected Transactions
10
Divested construction equipment business to
Jingcheng
2012
Established strategic global alliance with FALTEC
2012
Divested precision bearings manufacturer to SKF in
Sweden
2012
Divested 60% of branded beverage business to
Lunar Capital in China
2012
Divested KDM to Superior Capital Partners /
Nelson-Miller
2012
Divested blood pressure monitoring equipment
company to Halma of the UK
2012
Divested Miljøbil Grenland AS
to Electrovaya Inc
2012
Acquired Barclay Vouchers in Japan
2012
Signed joint venture agreement with Belton
2012
Acquired Plasmart in Korea
2012
Divested L&T Plastics Machinery to Toshiba
Machine
2012
Divested semiconductor precision machining business to Celestica
2012
2012
Divested 40% stake in Proconco to
Masan Consumer
Divested Radiant Research Inc, US-based clinical
research company
2012 2012
Divested S&S Worldwide, a roller coaster
manufacturer, to Sansei Yusoki
2012
Divested Kiian SpA, a specialty inks
manufacturer, to Wise and Alcedo
2012
Acquired Changzhou Pulanna Coating Co Ltd
2012
Acquired Beijing Riverside & Courtyard Co Ltd
2012
Advised owners of BIS, a global training simulation
software company, on the investment by
The Riverside Company 2012
Vector Capital divested Printronix, Inc. to Corona
Investment Partners
2013
Divested Shanghai Elsker Mother & Baby Co., Ltd to
Johnson & Johnson
2013
Divestment of Kienle + Spiess to Sumitomo
Corporation
2013
Divested fiberglass yarns and fiberglass
reinforcements subsidiary in Shanghai to CPIC, China
2013
Divested Aixam Mega,
quadricycle maker, to
Polaris Industries
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Selected Transactions
11
2009
2009
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010 2010 2010 2010 2012
2012 2011 2011 2011 2011 2011
Acquired precision optical components manufacturer,
EIS Optics, in China
Established animal vaccine JV with Jilin Guoyuan Animal
Health
Acquired valves business of HIM Tech in Korea
Secured strategic investment from Baird and
Investor Growth Capital Asia
Jiangsu Xinghe
Divested Chichiyasu, branded yogurt company
in Japan
Acquired majority stake of Realys Group in China
Divested building materials business to Mapei of Italy
Acquired LabIndia distribution business in
India
Divested semiconductor materials business in
Singapore to Panasonic
Divested Eliokem to Omnova Solutions
Divested Lucky Silicone brand to Wacker Chemicals Korea
Divested Brilliant Film IP portfolio to N&F, Korea
Acquired valves business of BDK Engineering Industries
in India
Formed a 50/50 power TransformerJV with
Shanghai Electric in China
Divested safety footwear business in Italy
Divested Swine MH vaccine business in China to Harbin
Pharmaceutical Group
Established cement logistics JV with Bosowa
Group of Indonesia
Divested 17.1% of Sprue Aegis Plc
Divested 100% of Detector Technology Ltd
Divested construction sealants business to Sika AG
Divested HCL Asia to DKSH Group
Divested majority stake to Calera Capital
Acquired Zhenjiang Tean in China
Divested Clariant Masterbatches (Korea) Ltd
to Dong Bang Chemical
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William Blair / BDA – A Global M&A Platform Increases our ability to deliver superior outcomes for clients
12
M&A Statistics
0.6 1.6
4.7
7.1 9.2
13.7
0
2
4
6
8
10
12
14
16
1990 1995 2000 2005 2010 2012
82%
18%
Sell-side
Buy-side
Growing Annual Deal Value Focus on Sell-Side Engagements (1,2)
North America Chicago Boston New York San Francisco
Europe Frankfurt London
East Asia Beijing Ho Chi Minh City
Hong Kong Seoul Shanghai Tokyo
South America Sao Paulo
GCC/India Bahrain Mumbai
Global Platform, Premium M&A Execution
completed transactions since 2007 700+
completed transactions in 2012 76
employees globally 1,200
cities 15
sold to trade buyers since 2007 60%
> 10x EBITDA 37%
8x-10x EBITDA 20%
6x-8x EBITDA 27%
< 6x EBITDA 16%
57% of transactions in excess of 8.0x
High Multiple Outcomes
cross-border deals 45%
(US$bn)
Note: (1) Includes all parties represented by us based on number of transactions; (2) Transactions from 2007-2012
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William Blair Investment Banking William Blair acquired a <10% stake in BDA in 2010. We operate globally as a single, integrated team
13
Ind
ust
ry G
rou
ps
Fu
nct
ion
al
Ex
pe
rtis
e
Business Services
Commercial Services
Financial Services
Healthcare Technology Industrials Consumer &
Retail
Mergers & Acquisitions
• 333 transactions completed
• US$103.0bn aggregate transaction value
• US$11.9bn in transaction value in 2011
Public Equity
• Managed 246 offerings
• Average underwriting value approximately US$282.1m(1)
Private Capital
• 44 transactions closed
• US$3.7bn raised
Special Situations
• Team members advised on over 46 restructuring engagements since 2007 with total outstanding debt exceeding US$62.1bn
• Represents portfolio companies of PE funds, hedge funds, public companies and multi-national entities
Note: (1) Includes BDA transactions. Does not include PIPES, registered directs, convertibles or confidentially marketing follow-ons
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Buyer
Seller
Asset
Shanghai Elsker Mother & Baby Co., Ltd (“Elsker”)
sold to
Pa
rtie
s T
ran
sact
ion
2013
Founder- and private equity-owned leading Chinese consumer brand sold to global major
• BDA served as exclusive financial adviser to the shareholders with respect to the sale of Shanghai Elsker Mother & Baby Co., Ltd (“Elsker”), the Chinese domestic leader in the branded baby skincare market. Elsker’s main shareholders included private equity funds Edmond de Rothschild Private Equity China Fund and Shenzhen Maison Capital, as well as Elsker’s founder, Mr. Liu Xiaokun
• BDA conducted a dedicated, global sale process, engaging with both strategic players and private equity counterparties
• BDA managed an exercise that addressed the particular sensitivities associated with a principal competitor performing due diligence
• Competitive tension was effectively maintained throughout until key terms had been negotiated and agreed
• BDA worked with other professional advisers to develop a pre-close restructuring of Elsker’s business to facilitate a successfully closed transaction that delivered the desired exit to shareholders at full value
Pro
cess
Ov
erv
iew
M&A Case Study: Sale of Elsker to Johnson & Johnson Securing a highly profitable exit for founder and PE investors by trade sale to a global major
14
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Tra
nsa
ctio
n
US PE firm acquired portfolio company of Indian PE firm & healthcare company
• BDA advised India-based ICICI Venture and Wockhardt on the divestment of its US-based clinical
research portfolio company, Radiant Research, to CRA Holdings, a portfolio company of New York-
based private equity firm Kinderhook Industries
• BDA prepared a select list of global potential buyers and approached each one discreetly, identifying
CRA as the most suitable buyer and entering into an exclusive negotiation
• BDA carefully managed the sale process, including due diligence, management meetings, and
negotiations between the sellers and buyer, to ensure that valuation and terms were maintained
throughout
• BDA’s hands-on, tailored approach allowed for effective communication between an Indian client
and a US buyer, resulting in the efficient execution and successful outcome of the transaction
Pro
cess
Ov
erv
iew
Advised on divestment of Radiant Research Inc to CRA
Holdings Inc
Pa
rtie
s M&A Case Study: ICICI Venture & Wockhardt Ltd Targeted divestment process of US healthcare services business for leading Indian investors
Buyer
Seller
Asset
15
2012
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Tra
nsa
ctio
n
Pro
cess
Ov
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iew
The first anti-trust mandated sale in China
• This divestment was required by the Anti-Trust Bureau of China’s Ministry of Commerce
(“MOFCOM”) as a condition for its approval of the US$68bn Pfizer/Wyeth merger that closed in
October 2009
• It was the first time that a business in China has been sold as a consequence of Chinese competition
authorities’ review of a global merger following the new Anti-Monopoly Law of August 2008.
• The transaction had to be executed within a pre-determined statutory limit of six months, failing
which an independent trustee appointed by the ministry would have effected the sale.
• BDA managed a global managed sale process that involved both international and domestic Chinese
potential purchasers and reached a successful conclusion, preserving significant value for Pfizer
despite the challenge of a forced sale in a restricted time period
• BDA also developed an effective working relationship with the independent Monitoring Trustee that
reported to MOFCOM throughout
• During the engagement BDA presented directly to the responsible officers at MOFCOM in Beijing to
facilitate the authority’s understanding of how the sellside process was being conducted in a
comprehensive and transparent manner that was fair to all parties and in observance of official
criteria regarding buyer qualifications
• MOFCOM duly indicated that this case set the procedural precedent for future such mandatory
disposals in China
• BDA advised on valuation, process structure, and generated effective competitive tension so that
despite both the challenging timetable and the forced nature of the sale significant value was
preserved for Pfizer
Pa
rtie
s M&A Case Study: Pfizer’s divestment of Chinese subsidiary Generating competitive tension in a forced transaction
Buyer
Seller
Asset
16
2010
Divested Swine MH vaccine business in China to Harbin
Pharmaceutical Group
Divested Swine MH vaccine business in China to Harbin
Pharmaceutical Group
2010
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Divestment of 40% stake in
to Masan Consumer
Tra
nsa
ctio
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Generating strong interest for a minority stake in a Vietnamese agribusiness
• BDA acted as the joint financial advisor to Eastspring Investments and funds advised by it on the
divestment of a 40% stake in Vietnamese French Cattle Feed Joint Stock Company (“Proconco”), a
market-leading feed company in Vietnam. Eastspring Investments is Prudential plc's asset
management business in Asia
• BDA’s global ag-sector relationships allowed us to generate initial significant interest in the
opportunity from trade buyers and financials sponsors from the Americas, Europe and Asia, which
was sustained through due diligence and final offers
• The deal team was lead by a partner in Hong Kong who managed deal day to day. Partners and
senior bankers in Japan, Korea, China, London, an New York were also intensively involved calling on
potential buyers in their respective markets
• The tension generated from a formal and structured process maximized the transaction terms for a
minority stake in an interesting, but emerging, market
Pro
cess
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2012
Pa
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s M&A Case Study: Proconco 40% stake sale Maximizing value for the shareholders of an emerging market agribusiness
Buyer
Seller
Asset
17
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US MNC acquired Chinese automotive coating business
• BDA acted as exclusive financial advisor to Sherwin Williams in its acquisition of 100% of Changzhou
Pulanna Coating, an automotive refinish manufacturer based in the strategic Yangtze River Delta
region of China, around Shanghai
• BDA identified and approached the target during an initial search phase, and managed interactions
with the owner and senior local management throughout an exclusivity period until closing
• BDA’s productive working relationship with the target was critical in building mutual trust between
a sophisticated, mid-West headquartered US MNC as buyer and a private founding entrepreneur as
seller, and in overcoming multiple hurdles over an extended period of time to completion
• BDA worked with other professional advisers to address complex structural issues and design a
transaction mechanism that balanced the requirements of the buyer and the interests of the seller
• The acquisition realized Sherwin-Williams' goal of expanding its presence in China's automotive
sector where passenger car sales have grown strongly in recent years, increasing from 6.8 million in
2008 to more than 16 million in 2012. Car sales are forecast to continue rising at an annual rate of
approximately 10 percent for the next decade
Pro
cess
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Pa
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Acquired Changzhou Pulanna Coating
M&A Case Study: Sherwin-Williams Identification of opportunity through to closing: helping an MNC gain scale in its top strategic market
Buyer
Seller
Asset
18
2012
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Pa
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s T
ran
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ion
Pro
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Preserved value for creditors through global coverage
• BDA was mandated jointly with Close Brothers Plc, to advise Kroll, the UK administrator of Turner &
Newall (T&N). Federal-Mogul, a leading global automotive component supplier, went into Chapter
11 bankruptcy protection in 2001 due to asbestos liabilities
• Kroll was appointed as administrator to Turner & Newall, which held most of Federal-Mogul's non-
US assets. Kroll retained BDA and Close Brothers to establish the fair value of the assets under the
control of the UK administrators, and then to advise on negotiations with the US restructuring
proponents, which included Carl Icahn, the leading unsecured US creditor of Federal-Mogul.
• The US restructuring proponents initially proposed a restructuring plan that offered a £73m cash
dividend to the UK creditors
• The UK administrators began a controlled realization process to optimize both the strategic and
financial value of the businesses
• BDA valued and advised on the divestiture of the Asian operations. These comprised 10
manufacturing locations in five countries (Japan, Korea, China, Thailand, India, Turkey) covering
four different business divisions of Federal Mogul.
• Within this high pressure, time critical environment, BDA's advice was used to support court filings
and statements in the US and UK courts. BDA was instrumental in bringing the Chapter 11 parties to
agreement on a revised Chapter 11 emergence plan, which the Administrators and UK
creditors jointly accepted. The US restructuring proponents agreed to take ownership of the UK
business in return for UK creditors receiving a cash dividend of £375m.
• Federal Mogul was acknowledged to be the most complex international insolvency yet undertaken
in the United Kingdom.
Restructuring Case Study: Federal Mogul
Advisor to the Administrators for
controlled realization of European and Asian
operations
Buyer
Seller
Asset
19
2005
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Euan Rellie is joint founder and Senior Managing Director of BDA, based in New York. He is also President of BDA Advisors Inc., the firm’s registered broker-dealer. Since founding BDA in 1996, Mr. Rellie has lived in Singapore, New York and London, and worked in China, Taiwan, Korea, Japan, India and the Middle East. 1990-1996, he worked for Schroders, the UK investment bank now part of Citigroup, in New York, London and Singapore. He was Head of SE Asia Execution for Schroders Asia-Pacific Regional Advisory Group. His clients have included AgFeed, Axa, C. R. Bard, DuPont, Ecolab, ICICI, Intel, Kraft Foods, Life Technologies, Lubrizol, Materion, Nalco, Pfizer, Philip Morris, Platinum Equity, Sara Lee, Tenneco, and Wockhardt. He was educated at Eton and Trinity College, Cambridge. He was named 2012 Dealmaker of the Year by The M&A Advisor, and 2010 Boutique Investment Banker of the Year by Global M&A Network.
Euan Rellie Senior Managing Director New York
Charles Maynard is joint founder and Senior Managing Director. Since co-founding BDA in 1996, Mr. Maynard has been based in Singapore, Tokyo, New York, and now Beijing. Mr. Maynard was based in Tokyo from 2002 to 2005 and established BDA’s office there and in Seoul. He has advised on a number of successful transactions throughout the region, with recent clients including the Cookson Group, Larsen & Toubro, MKS Instruments, Sherwin-Williams and SRG Global. Previously he worked for the Jardine Matheson Group in both Hong Kong and Singapore in corporate development and operations. In July 2011, M&A Advisor named Charles as one of their 2011 “40 Under 40” global M&A professionals. Mr. Maynard was educated at Oxford University (MA Hons, Geography) and holds a Certified Diploma in Accountancy and Finance from the ACCA.
Charles Maynard Senior Managing Director Beijing
Andrew Huntley is a Senior Managing Director of BDA and is based in London. Having joined in 1998, he has managed BDA's Asian offices from Singapore and co-managed BDA’s New York office. Mr. Huntley has led projects and advised clients on transactions in many sectors and East Asian countries. Before BDA, Mr. Huntley worked for the Jardine Matheson Group in HK, China, Taiwan and Vietnam. He acted as the Group Representative in Vietnam and had executive responsibility for Group businesses there and in Taiwan. Mr. Huntley was educated at Oxford University (MA Hons, Chinese). Mr. Huntley is fluent in spoken and written Mandarin and conversant in Vietnamese.
Andrew Huntley Senior Managing Director London
Paul DiGiacomo is a Managing Director based in Hong Kong. He joined BDA in 1997, and has lived in Asia since 2000. Mr DiGiacomo founded and heads our Hong Kong office from where he covers Greater China and SE Asia. Transactions he has advised on in Asia include the sale of Nova Capital Partners’ portfolio company DTL, the sale of Arkema’s specialty minerals subsidiary in China, the sale of Jade Travel by the Jardine Matheson group, the divestment of Cookson plc’s global EMC business to Panasonic, Rexel’s divestment of HCL Asia to DKSH, and Thomson Education’s sale of a 50% stake in Universitas21 Global to Manipal Universal. Mr. DiGiacomo was educated at Trinity College (BA Hons, Political Science).
Paul DiGiacomo Managing Director Hong Kong
Jeff Acton is a Managing Director based in Tokyo. Mr. Acton has a solid track record in originating and executing acquisitions and divestments for corporate clients and financial sponsors in Japan, China, Korea and Singapore, with a focus on the advanced manufacturing, automotive, consumer and specialty chemicals sectors. Clients for whom he has advised on transactions in Asia include Clariant, Cookson Group, Henkel, J-Will Partners and Kennametal among others. He started his career as an aerospace engineer with Pratt & Whitney in Canada. Mr. Acton has an MBA from INSEAD in France, and an MSc/BSc from Queen's University in Canada (with a year at Kyoto University). Mr. Acton is fluent in spoken and written Japanese and conversant in French.
Jeff Acton Managing Director Tokyo
Management
20
Sumit Ganguly is a Managing Director based in Mumbai. He has 22 years’ investment banking experience in India and Hong Kong. Before joining BDA, he was Director, Corporate Finance at Barclays in Mumbai, 2008-2012. Before that, he worked in Corporate Finance at ABN AMRO, DSP Merrill Lynch, and UBS. He has advised on landmark Indian privatisations, M&A, capital markets and private equity transactions in the TMT, Chemicals, Consumer, Aviation & FIG sectors. His past clients include the Government of India, Airport de Paris, Bain Capital, BPL Cellular, Britannia, IDBI, Indian Petrochemicals, Lincoln National, Metro Airports, Siemens, Tata Global Beverages, TATA-SIA, and Tech Mahindra. Sumit is a Fellow of the Institute of Chartered Accountants of India. He holds a Diploma from Xavier’s Institute of Management, and a BCOM (Hons) St. Xavier’s College, Kolkata. He is fluent in English, Hindi & Bengali.
Sumit Ganguly Managing Director Mumbai
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Management
21
Justine Mannering is a Managing Director of both BDA and of BDA Advisors Inc., the firm’s registered broker-dealer, based in New York. Ms. Mannering joined BDA in 2011. She was previously in the Financial Sponsor Group at DC Advisory Partners, formerly Close Brothers Corporate Finance in London, where she worked from 2004-2011. She has advised on buy-side, sell-side, debt, restructurings and IPOs for private equity and corporate clients. Ms. Mannering was assigned to the Boston office of Harris Williams from 2006-2007. She has experience in agriculture, retail and consumer, healthcare, industrial, financial services, support services, and technology. She qualified as a Chartered Accountant (South Africa) with KPMG and is a CFA Charterholder. Ms. Mannering is an Australian citizen, and graduated from Rhodes University in South Africa with a B Commerce in Accounting and Commercial Law.
Justine Mannering, CFA Managing Director New York
Jeffrey Wang is a Managing Director and the head of BDA’s Shanghai office. He joined BDA in 2001. From 1995 to 2001, Mr. Wang worked in the Investment Banking Division of Salomon Smith Barney, and its predecessor, Schroders PLC, based in Shanghai and Hong Kong. There, he advised multinational companies on a number of acquisitions, JVs and other direct investments in China, as well as IPOs and private placements for Chinese companies. From 1988 to 1995, he worked as correspondent banking officer in the International Division of the Bank of Communications, one of the largest commercial banks in China. Mr. Wang speaks fluent Mandarin and English and was educated at Beijing University (BA, Economics).
Jeffrey Wang Managing Director Shanghai
Mark Webster is a Managing Director based in Shanghai. He joined BDA in 2005. He previously worked for Standard Chartered Bank - Shanghai Branch as a Vice President in the Multi-National Corporates division assisting clients such as BP, Syngenta and UPS with strategic, funding and operational matters. Prior to that he worked at JPMorgan’s London office (earlier Robert Fleming Investment Bank) as an Associate in their Mergers and Acquisitions department. From 1995 to 1998 he worked for Arthur Andersen in London where he qualified as a Chartered Accountant (ACA). Mr. Webster graduated from Oxford University with an MA in Modern History and Economics and speaks Mandarin Chinese and French.
Mark Webster Managing Director Shanghai
Heejun Yang is a Managing Director based in Seoul. He joined BDA in 2009. Before that, Mr. Yang worked for Woori Investment & Securities in Seoul, where he was in charge of principal investment activities in the technology sector including semiconductors, displays, energy and internet. Prior to that, Mr. Yang made technology venture investments while lecturing on e-commerce technology at the School of Computer Science at Carnegie Mellon University in Pittsburgh. He also previously worked at Samsung Securities in Seoul. He has led and participated in numerous private equity transactions, mainly investing in internet technology companies. Mr. Yang has an MBA and an MSc in E-Commerce from Carnegie Mellon University. He has a BSc in Physics from Sung Kyun Kwan University in Korea. He is fluent in English and Korean
Heejun Yang Managing Director Seoul
Noriyuki Sonoda is Chairman of Japan based in Tokyo. He joined BDA in 2002. He was formerly employed by Kuraray Co. Ltd, a US$4.3bn Japanese textile and chemical company, where he worked for 37 years. Mr. Sonoda was primarily responsible for developing the overseas trading businesses of both the textile and chemicals divisions. From 1996 to 1998, he managed Kuraray’s PVOH Division as Deputy General Manager and from 1998 to 2001 he was Managing Director of Kuraray Specialties Asia Pte. Ltd. (Singapore), the regional HQ of Kuraray’s chemicals business. Mr. Sonoda was educated at KeioUniversity (BA in Business and Commerce).
Noriyuki Sonoda Chairman – Japan Tokyo
Bill Pullano is Chief Financial Officer, based in New York. He joined BDA in 2008 and developed the internal finance processes and reporting systems, working with BDA’s accounting staff in India. He was previously Assistant Vice President and Corporate Reporting Manager at First Niagara, a Buffalo commercial bank where he oversaw the SEC reporting function for this publicly traded company. From 2001 to 2007, Mr. Pullano worked at PricewaterhouseCoopers LLP in New York, managing audit fieldwork for banking and financial services clients. Mr. Pullano is a Certified Public Accountant, and was awarded the R. Leslie Johnson Accounting Fellowship at the University of North Carolina - Chapel Hill, where he obtained a Masters in Accounting. He also holds a BA in Economics from the University of Michigan - Ann Arbor.
Bill Pullano Chief Financial Officer New York
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Management
22
Simon Kavanagh is a Director based in Hong Kong. He joined BDA in 2013 and has 15 years’ M&A experience. Before joining BDA, he ran his own M&A boutique, and before that spent nine years with JPMorgan’s M&A team in London, Hong Kong, and Sydney. His sector experience covers agriculture, chemicals, consumer & retail, healthcare, industrial, oil & gas, and real estate. His clients have included Asia Pulp & Paper, Cemex, Glanbia, Lee Chang Yung, UBM, and Wistron. He has worked on IPOs, capital raisings, private and public M&A transactions, and material transactions on the Hong Kong and London Stock Exchanges. Mr. Kavanagh has a degree in Economics from the University of Stirling in Scotland, a Masters in International Business from University College Dublin in Ireland, and he studied Mandarin at Xiamen University in China.
Simon Kavanagh Director Hong Kong
Kumar Mahtani is a Director based in Mumbai. He joined BDA in 2011. Before that, Mr. Mahtani was an Associate Director at KPMG India, responsible for structuring transactions for investments by global private equity firms in India, mergers / demergers and restructuring of Indian Corporates and MNCs, and outbound acquisitions by Indian groups. Mr. Mahtani is a qualified Chartered Accountant (CA), and has a Bachelor’s degree from the University of Mumbai (H.R. College of Commerce & Economics). He is fluent in English and Hindi, and speaks basic Sindhi.
Kumar Mahtani Director Mumbai
Taylor Whitman is a Director based in New York. He joined BDA in 2011. He was previously Vice President of Business Development at Gale International, a real estate development and investment firm, where he managed investments across the US, China and Korea. In 2009, he opened the Gale International China office, and worked on several proposed city-scale projects, with Western multinational partners including 3M, United Technologies and Cisco Systems, as well as forming strategic partnerships with Asian banks, developers and capital sources. Before that, he was Associate, Capital Markets at IDT Corp, a US$1.5bn revenues telecoms and energy company, where he was responsible for corporate development, capital raising, and M&A. He has a Bachelor of Arts degree in marketing from the Carroll School of Management at Boston College.
Taylor Whitman Director New York
Toyoaki Nakayama is a Director based in Tokyo. He joined BDA in 2012. Prior to joining BDA, Mr. Nakayama was a Director of M&A Advisory team at Ernst & Young Transaction Advisory Services in Japan, in charge of origination and execution of both domestic and cross-border M&A transactions primarily in industrial sectors including building material, construction machinery, aerospace, chemical and general capital goods. He also previously worked for global investment banks including Jardine Fleming, Deutsche Bank and Lehman Brothers in investment banking divisions where he was involved with M&A advisory and corporate coverage. Mr. Nakayama received his B.A. in Law from Keio University in Japan, and he is fluent in English and Japanese.
Toyoaki Nakayama Director Tokyo
Lydia Xu is a Director based in Shanghai. She initially worked at BDA 2001-2006. She left BDA in 2006, to work at Linde, the German industrial gases company, as China Business Development Manager, before returning to BDA in 2007. She is advised on transactions in the manufacturing, chemical, auto, and healthcare sectors. Her clients have included Areva, AXA Private Equity, BASF, C.R. Bard, Donaldson, Hercules, Johnson Control, Life Technologies, Magna, Millipore, Schneider and Siemens VDO. Before 2001, she worked at Asia Pulp & Paper (China), where she was responsible for conducting business analysis and evaluating market opportunities. She also previously worked for four years in investment banking with Hainan Securities Co Ltd, where she assisted Chinese corporate clients on IPOs. Ms. Xu graduated from Beijing University (BA, Mathematics) and the China Europe International Business School (MBA). She is fluent in Mandarin Chinese and English.
Lydia Xu Director Shanghai
Shan Yue is a Director based in Shanghai. He joined BDA in 2004. Mr. Yue was previously based in New York and then Hong Kong, originating M&A projects for clients in the US, SE Asia and Greater China. He has transaction experience in consumer, industrials, chemicals, agricultural and healthcare. His clients include AXA Private Equity, Ecolab, Edmond de Rothschild, GTCR, Johnson Controls, Kennametal, Kohlberg, Magna, Minor International, Molex, Ontario Teachers, Solvay and Tenneco. Before joining BDA, Mr. Yue was a Consultant at China Strategy Group providing market entry strategies for corporate investors, and at Pharmaneer, where he helped US medical equipment companies to source products from Asia. He previously worked at Stifel Financial Inc. and US Bancorp. Mr. Yue graduated from Washington University - Olin Business School with degrees in Finance and Marketing. He is fluent in English and Chinese.
Shan Yue Director Shanghai
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Management
23
Jonathan Aiken is an Assistant Director based in London. He joined BDA in 2007. Mr. Aiken has transaction experience in specialty chemicals, industrials, automotive and technology, including the sale of Tata Motors’ lithium ion battery technologies subsidiary and Sofipa’s sale of Kiian SpA, a manufacturer of specialty inks. His clients include Mann+Hummel, Seera and Lloyds Development Capital. Before joining BDA, Mr. Aiken worked for Taylor-DeJongh on global project finance in the energy and infrastructure sectors. Mr. Aiken works across Europe, with a focus on Scandinavia. He holds an MBA and a Masters in International Affairs from the George Washington University. He is fluent in English and French and proficient in Mandarin.
Jonathan Aiken, CFA Assistant Director London
Karen Cheung is an Assistant Director based in Hong Kong. Before joining BDA, she spent seven years at PwC Hong Kong in Transaction Services, providing M&A advisory and due diligence services to corporates and private equity firms. She has had exposure to the consumer, retail, industrial, transportation & logistics, natural resources, telecom and real estate sectors. Ms. Cheung has advised on domestic and cross-border M&A in Hong Kong, China, SE Asia and the US. Previously Ms. Cheung worked at Ernst & Young in Toronto, Canada. She is a Chartered Accountant with the Canadian Institute of Chartered Accountants (CICA) and has a BA in Commerce from the University of Toronto. Ms. Cheung is fluent in English, Mandarin and Cantonese.
Karen Cheung Assistant Director Hong Kong
Puneet Goyal is an Assistant Director based in Mumbai. Before joining BDA, he was a Senior Associate at Avista Advisory/Houlihan Lokey in Mumbai where he worked on capital raising and crossborder M&A. His transactions included advising Europe’s largest smart-phone and telecom equipment manufacturer on a US$350m debt restructuring and acquisition by an Indian conglomerate, advising a leading Indian low cost airline on financing options for 10 aircraft, raising US$70m for an infrastructure company, and US$50m for a theme park project by an Indian media company. Mr. Goyal is a Chartered Accountant, and previously worked at Pricewaterhouse Coopers in Mumbai. He holds a B. Commerce from the University of Mumbai. He is fluent in Hindi and English.
Puneet Goyal Assistant Director Mumbai
Diwakar Mitr is an Assistant Director based in Mumbai. He has transaction experience in the chemicals, industrials and life sciences sectors. He advised on the divestment of the polymers division of Apar Industries to Eliokem; the acquisition of the valves business of BDK Engineering Industries by The Weir Group; and acquisition of the Applied Biosystems distribution business of LabIndia by Life Technologies. Before joining BDA, he worked at Transparent Shares & Securities Pvt. Ltd where he was responsible for analyzing and trading equities on the National Stock Exchange of India. Mr. Mitr graduated from Dartmouth College with a BA degree in Economics and Computer Science. He is fluent in English and Hindi.
Diwakar Mitr Assistant Director Mumbai
Kent Ng is an Assistant Director based in Shanghai. He joined BDA in 2010. Having previously held a senior role at Tempo Group, the industrial sector focused investment group, Kent has many years of international experience in the areas of M&A, private equity, and project finance in China, North America and Europe, with completed transactions including the Chinese BWI Consortium’s multi-jurisdiction buy-out of Delphi’s brake & suspension assets in 2009. Earlier in his career, Kent helped establish project financing divisions covering the Greater China region at Compaq and EMC. Mr. Ng graduated Cum Laude with an MBA from the University of Southern California, and received a BBA from University of Texas at Austin. Mr. Ng is fluent in English, Mandarin and Cantonese.
Kent Ng, CFA Assistant Director Shanghai
Tanya Wang is an Assistant Director based in Shanghai. She joined BDA in 2007, and has executed a number of cross border M&A transactions in China, with a focus on industrials, FMCG and specialty chemicals sectors. She has advised on transactions including the divestment of Elsker Baby Skincare brand to J&J, the acquisition of automotive refinish coating business by Sherwin Williams, and the divestment of Global Power Asia to A-Tec Industries. Prior to joining BDA, Ms. Wang worked at Ernst & Young, where she was responsible for IPO and statutory review as well as due diligence for M&A transactions by multinational companies. Ms. Wang graduated from Peking University with double B.A. degrees, in English literature as well as Economics and Finance. She is a CFA charter holder, and is fluent in Mandarin and English.
Tanya Wang, CFA Assistant Director Shanghai
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Management
24
Toshiaki Yokohara is an Assistant Director based in Tokyo. He worked at BDA from 2006 to 2011. He left BDA in 2011, to join the reorganization / financial advisory team of Deloitte Tohmatsu Financial Advisory, before returning to BDA in 2013. Mr. Yokohara has seven years of M&A experience and has advised on domestic and cross-border M&A transactions in Japan in the automotive, advanced manufacturing, chemical and personal care industries. Before 2006, Mr. Yokohara worked in the Accounting Division at American International Group (AIG) K.K. in Tokyo, where he conducted financial analysis and prepared financial statements for AIG subsidiaries in Japan. Mr. Yokohara holds a Bachelor degree in Business Administration from Meiji University. He also holds Master of Accountancy from Golden Gate University. He is fluent in English and Japanese.
Toshiaki Yokohara Assistant Director Tokyo
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www.bdallc.com
New York Euan Rellie
Senior Managing Director
London Andrew Huntley Senior Managing
Director
Mumbai Sumit Ganguly
Managing Director
Bahrain Ahmed Al Balooshi
Associate
Seoul Heejun Yang Managing Director
Shanghai Jeffrey Wang
Managing Director, Head of Shanghai office
Mark Webster
Managing Director
Hong Kong Paul DiGiacomo Managing Director
Tokyo
Jeff Acton Managing Director
NEW YORK Business Development Asia LLC
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Suite 2310
New York, NY 10020
Tel (212) 265- 5300
Fax (212) 265-4300
LONDON Business Development Asia Ltd
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United Kingdom
Tel (44) 20-7182-4518
Fax (44) 20-7182-4100
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The Center, #1602
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Tel (86) 21-5407-5580
Fax (86) 21-5407- 5680
TOKYO Business Development Asia K.K.
17F Atago Green Hills Mori Tower 2-5-1 Atago, Minato-ku Tokyo, Japan 105-6201 Tel (81) 3-3433-5800
Fax (81) 3-3433-5269
BAHRAIN Business Development Asia (HK) Ltd
PO Box 30295
Manama
Kingdom of Bahrain
Tel (973) 17-581-336
HONG KONG Business Development Asia (HK) Ltd
Suite 905 ICBC Tower
3 Garden Road, Central
Hong Kong
Tel (852) 3698-1700
Fax (852) 2537- 4406
SEOUL Business Development Asia (HK) Ltd
Seoul Branch Office
12 Fl. Heungkuk Life Insurance Bldg. 226 Sinmunno 1-Ga, Jongno-Gu, Seoul, 110-786, Korea Tel (82) 2-735-4220 Fax (82) 2-735-4711
MUMBAI Business Development Asia (HK) Ltd
India Branch Office
302 Vibgyor Towers, C-62, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051, India
Tel (91) 22-6140-3800
Fax (91) 22-6140-3820
BEIJING Business Development Asia (HK) Ltd
Beijing Branch Office
11th Floor, China World Tower 1 1 Jianguomenwai Avenue Chaoyang District, Beijing 100004 People's Republic of China Tel (86) 10-5737-9029 Fax (86) 10-5737-9024
Beijing Charles Maynard
Senior Managing Director
BDA Contacts
HO CHI MINH CITY Business Development Asia (HK) Ltd
HCMC Rep Office
#1337 Kumho Plaza
District 1
Ho Chi Minh City
Vietnam
Tel (84) 8-62-888 755
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