China: CITIC acquires New Zealand’s Trilogy International for $175m

Visual from TIL's LinkedIn page.

China’s CITIC Capital has entered into a scheme implementation agreement (SIA) to acquire New Zealand’s Trilogy International Limited (TIL), a cultivator of essential natural products and home fragrance brands, for NZ$250 million ($175 million).

Under the SIA, it is proposed that a wholly-owned subsidiary of CITIC Capital will acquire all the outstanding shares in NZX and ASX-listed TIL for NZ$2.90 cash per share, as per a statement dated December 15.

The scheme is conditional on the approval of TIL’s shareholders, the High Court, and the New Zealand Overseas Investment Office (amongst other things), it added.

The TIL directors intend to unanimously recommend to all shareholders that they vote in favour of the scheme. It’s largest shareholder is Business Bakery, which holds 31.2 per cent of the shares.

TIL chairman Grant Baker said, “The Board remains confident that TIL is well positioned to deliver growth in earnings across each of its four businesses in the long term. Delivering this growth will take time and involves execution risks. Therefore, shareholders may find attractive the opportunity to realise the value of their TIL shares in cash now.”

“CITIC Capital is viewed as a good owner of TIL as it moves into its next phase of growth. In particular, CITIC Capital’s strong relationships in the Asian and US markets provide an opportunity to unlock the potential of these brands, and achieve faster growth globally,” he added.

TIL’s products include Trilogy Natural Products, ECOYA, Goodness Natural Beauty Lab, By Nature, Lanocreme, Tiaki, and Rata & Co, in New Zealand and around the world. Its subsidiary CS Company Limited (CS&Co) distributes international cosmetics, fragrances, skincare and haircare brands in New Zealand.

Angela Buglass, CEO of TIL, said: “CITIC Capital will bring added capability necessary to build our brands on a truly global scale, better serve our customers and consumers, and provide new career opportunities for our people.”

TIL has close to 100 team members, who are focused on manufacturing and delivering quality products to consumers in New Zealand, Australia and over 25 countries around the world, according to its website.

CITIC Capital was advised by First NZ Capital and MinterEllisonRud.

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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.