Baring PE Asia said to mull sale of Chinese packaging firm

Photo: HCP Packaging website

Baring Private Equity Asia is considering a sale of its Chinese packaging business, which could be valued at more than $1 billion, people with knowledge of the matter said.

Baring is working with a financial adviser to prepare for divesting Shanghai-based HCP Packaging after drawing interest from potential suitors, the people said, asking not to be identified discussing private deliberations.

Founded in 1960, HCP designs, develops and makes packaging containers for the color cosmetics, skincare, fragrance and toiletries industries. It has nine manufacturing locations in Asia, North America and Europe, and more than 250 customer brands.

Baring bought HCP from rival buyout firm TPG Capital in 2016 for an undisclosed amount. Since then, HCP has expanded in part through acquisitions, announcing the purchase of SIMP in September 2016 and the takeover of Germany’s Rusi Cosmetic a year later.

A formal sale process could start early next year, the people said. Deliberations are still at a preliminary stage and no final decision has been made. A representative for Baring declined to comment.

Baring, founded in Hong Kong in 1997, is on track for its busiest dealmaking year since at least 2008 with about $5.6 billion of transactions, data compiled by Bloomberg show. Recent acquisitions include Pioneer Corp., a Japanese maker of audio and video equipment.

Bloomberg

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.