Asia Private Equity Weekly News, August 25, 2014

August 25 Sun Aug 24, 2014 10:01pm EDT

August 25 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending August 22.

AUGUST 22

PRIVATE EQUITY firms Affinity Equity Partners and CVC Capital Partners are among potential bidders for South Korea's No. 1 car rental company, KT Rental, in a sale expected to fetch around 800 billion won ($786 million), people familiar with the matter said.

AUGUST 21

ORCHID ASIA, one of China's oldest private equity firms, said on Thursday it had closed its sixth private equity growth fund, raising $920 million, well above its original target, on a record of strong returns to investors.

CATALYST CEL Fund, jointly managed by Israel's Catalyst Equity Management Ltd and Hong Kong listed China Everbright Ltd , said it had agreed to invest $42 million in Lamina Technologies, a Swiss-based maker of metal-cutting tools.

AUSTRALIAN INDUSTRY compliance firm and takeover target SAI Global Ltd announced a return to an annual net profit from a loss the previous year, hitting analysts' forecasts as it fields a number of potential takeover offers.

AUGUST 20

THE PRIVATE equity arm of French luxury goods giant LVMH will invest up to $80 million in South Korea's YG Entertainment Inc, which manages a stable of K-pop performers including "Gangnam Style" rapper Psy.

HONY CAPITAL said it bought a 20 percent stake in Chinese farm machinery maker Chery Heavy Industry Co Ltd for 696 million yuan ($113.3 million), seeking to profit from Beijing's drive to modernise its farm industry.

CANADIAN RETAILER Alimentation Couche-Tard Inc and China's Tencent Holdings Ltd are among suitors short-listed to buy a $16 billion minority stake in China's Sinopec Sales, the world's largest fuel retail network, people familiar with the matter told Reuters.

CHINESE LIGHTING manufacturer NVC Lighting Holding Ltd said it was taking emergency measures following its chief executive's refusal to step down after its board of directors adopted a resolution calling on him to quit.

AUGUST 19

WARBURG PINCUS and China's Shanghai Baosteel Gases Ltd have agreed a deal to buy the industrial gas assets of Henan Jinkai Chemical Investment Holding Group for 3 billion yuan ($489 million), the two partners said.

BIOSENSORS INTERNATIONAL Group Ltd said that a private equity unit of CITIC Group has decided not to proceed with its takeover bid of the company.

AUGUST 18

PARTNERS GROUP Swiss investment manager Partners Group Holding AG has agreed to buy the majority of China-focused elevator guide rail maker Savera Group for around 2 billion yuan ($325 million), people with knowledge of the matter told Reuters.

KKR & CO LP and Australian property manager Abacus Property Group have agreed to buy 70 percent of the World Trade Centre in Melbourne for A$120.4 million ($112.1 million), Abacus said in a statement.

ING INVESTMENT Management International has hired two senior portfolio managers to boost its emerging market equities team, the money manager said. (Compiled by Stephen Aldred in Hong Kong; Editing by Stephen Coates)

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