PE firm KV Asia seeks to exit its investment in Singapore-based Derma-Rx

Private equity firm KV Asia is said to seek an exit from its investment in Singapore-based skincare portfolio Derma-Rx International Aesthetics (DRx Group), two sources familiar with the development told DealStreetAsia.
KV Asia invested in DRx Group in 2013 for an undisclosed valuation. The private equity major is said to have acquired 100 per cent stake in the skincare chain, according to media reports back then.
Established in 1999, DRx Group is a non-surgical aesthetics company that operates DRx Clinic and DRx Medispa in Singapore and Malaysia. The group has served more than 55,000 customers across these two countries.
KV Asia’s exit plans are currently at a very early stage and it is likely that the private equity firm may not be roping in an advisor to lead the transaction.  The valuation of DRx Group could not be ascertained.
KV Asia spokesperson declined to comment on the matter.
Founded in 2010, KV Asia is focused on mid-sized business portfolios in southeast Asia. The PE firm is known to raise about $300 million for its second fund, as reported by DealStreetAsia in March 2019.
KV Asia’s first fund was closed in late 2013 at over $250 million raised from pension funds, endowments, financial institutions, fund of funds and family offices.
KV Asia has been chasing exits from a few of its investments. The PE firm is pursuing a sale process for Malaysia’s supplement maker DXN Holdings Bhd. KV Asia holds around 25 per cent stake in DXN Holdings and is being advised by Morgan Stanley on the deal.
Furthermore, the PE firm is also reported to explore an exit from Malaysian retailer TF Value Mart, which is seeking a valuation of 1 billion Ringgit ($238.6 million). KV Asia is believed to hold a majority stake in TF Value Mart.

In 2017, KV Asia managed to score two exits with the sale of Singapore’s Orange Valley Healthcare (OVH) to Singapore Press Holdings Limited (SPH) for S$164 million as well as the divestment of its holding in Singapore’s Aalst Chocolate, as reported by DealStreetAsia.

In May 2019, KV Asia sold the K-12 education institution Asia Pacific School (APS) to the International Schools Partnerships (ISP). APS was part of Malaysia’s tertiary education business APIIT Group which was acquired by KV Asia in December 2017, according to the company’s website.

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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.