Morgan Stanley-backed PE fund acquires 25% in Thai diaper maker for $46.2m

North Haven Private Equity Asia Angel has closed a tender offer to buy a 25.63-per cent stake in Thailand’s listed baby-and-adult diaper maker DSG International (Thailand) Pcl (DSGT) for 1.61 billion baht ($46.2 million).

North Haven Private Equity Asia Angel, or formerly known as Morgan Stanley Private Equity Asia, had initially offered to buy minimum 23.46 per cent of DSG shares.

“We are pleased to have successfully made our first investment in Thailand,” Kingsley Chan, managing director of Morgan Stanley Private Equity Asia, said in the statement. “We believe that the Thai market overall is one of the most attractive markets with positive long-term potential. We shall continue to look for new investment opportunities in this market.”

As stated in the tender offer documents, it has the intention to propose to the board of directors of DSGT to delist the company within 12 months from the closing of the tender offer. The plan is subject to approval of the board of directors and shareholders of DSGT, added the statement.

In the first six months of this year, DSGT reported total revenue of 3.573 billion baht, down 6.7 per cent from the same period last year, and the net profit of 46.58 million baht, up 63.9 per cent on year.

Bualuang Securities is the financial advisor, tender offer preparer and tender offer agent for DSG shares.

As Morgan Stanley’s fourth Asia-focussed private equity fund, North Haven is a $1.7 billion closed-end private equity fund that aims to make investments in the region.

Currently, the Morgan Stanley Asia private equity business has offices in various cities including Hong Kong, Beijing, Shanghai, Seoul, Mumbai and Tokyo.

The investment team has managed numerous Asia funds and these funds have made investments in different sectors including consumer products, retail, financial and healthcare services, in both listed firms and private non-listed firms.

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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.

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.