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.