Trustar Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Trustar Capital has acquired 1 company.

Trustar Capital’s most common sectors for investment arebusiness services (12%) and manufacturing (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (33%) and growth capital (22%). In total, Trustar Capital has invested in 8 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Focus Media Holding for $3.7B.

In the last 3 years, Trustar Capital has exited 3 companies. The Firm’s most common exit type is trade sale (50%). Trustar Capital’s largest (disclosed) exit occurred in 2022 when it sold M.A. Med Alliance SA for $1.1B.

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M&A Summary

  • M&A Total Activity74
    • M&A Buy Activity52
    • M&A Sell Activity22
  • Total Sectors Invested 23
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 29
  • M&A Advisors 20

Trustar Capital

28/F, CITIC Tower, 1 Tim Mei Avenue,
Hong Kong,
China
+852 3710 6888
www.citiccapital.com/SitePages/private-equity-eng.aspx

Trustar Capital is the private equity arm of financial services/asset manager CITIC Group. Trustar Capital separates its private equity investment activity into three groups; China, Japan, and the US. In general, Trustar looks to invest in companies with 'strong franchises', with established brands and high barriers to entry. For US-based opportunities, the firm looks to leverage its connections in China. Broad areas of interest include niche manufacturing, consumer products, and business services. The Firm does not invest in start-ups or distressed businesses. Trustar Capital is based in Hong Kong.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Food, Healthcare Services, Information Technology, Manufacturing, Real Estate

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.8/yr) # 43 8 1 - - - 52
vol $7.9B $7.9B
Sell (1.0/yr) # 17 2 3 - - - 22
vol $1.2B $1.1B $2.3B
  74

Most Recent M&A

Company Date Value Type
LifeStyles Healthcare Pte. Ltd. 2022-12-01 - Secondary Buyout
Singapore, Singapore · www.lifestylesglobal.com
M.A. Med Alliance SA 2022-10-18 1.1B USD Add-on Acquisition
Nyon, Switzerland · www.medalliance.com
Beijing Salion Foods Co. Ltd. 2022-03-21 - Buyout (LBO, MBO, MBI)
Beijing, China · www.salionfood.waimaotong.com
Sedona Enterprise Co., Ltd. 2022-01-01 - Bankruptcy
Tokyo, Japan · www.datsumo-labo.jp
Intramco Europe B.V. 2021-10-18 - Growth Capital
Almere, Netherlands · www.intramco.com
Rootnet Technology Co., Ltd. 2021-06-17 - Growth Capital
Beijing, China · www.croot.com
Sedona Enterprise Co., Ltd. 2021-06-01 - Divestiture
Tokyo, Japan · www.datsumo-labo.jp
Yifei Group Co., Ltd. 2021-04-27 - Growth Capital
Shanghai, China · www.yifeico.com
M.A. Med Alliance SA 2021-03-17 - Growth Capital
Nyon, Switzerland · www.medalliance.com
The Colson Group, Inc. 2021-03-01 - Secondary Buyout
Oakbrook Terrace, Illinois · www.colsongroup.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (14%) - 6 (12%) 181M (2%)
Consumer Products 3 (14%) - 5 (10%) 600M (8%)
Manufacturing 1 (5%) - 5 (10%) -
Transportation 1 (5%) - 4 (8%) -
Machinery 1 (5%) 96M (10%) 3 (6%) 96M (1%)
Automotive 2 (10%) - 3 (6%) -
Marketing 1 (5%) - 2 (4%) 3.7B (47%)
Information Technology 1 (5%) - 2 (4%) 283M (4%)
Life Science 1 (5%) - 2 (4%) 140M (2%)
E-Commerce 1 (5%) - 2 (4%) -
Education - - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Food 1 (5%) - 2 (4%) -
Healthcare Services 1 (5%) - 2 (4%) -
Packaging 1 (5%) - 2 (4%) -
Technology Hardware - - 1 (2%) 1.9B (24%)
Communications 1 (5%) 890M (90%) 1 (2%) 890M (11%)
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Apparel/Textiles 1 (5%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services - - 1 (2%) -
Financial Services 1 (5%) - 1 (2%) -
Medical Products - - 1 (2%) -
Total 21 $986M 52 $7.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 13 (62%) 890M (90%) 22 (42%) 4.8B (60%)
Japan 3 (14%) 96M (10%) 10 (19%) 96M (1%)
United States 1 (5%) - 10 (19%) 2.3B (29%)
  California - - 2 (4%) 2.0B (26%)
  Illinois - - 2 (4%) -
  North Carolina 1 (5%) - 1 (2%) -
  Connecticut - - 1 (2%) 283M (4%)
  New Jersey - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Michigan - - 1 (2%) -
  Florida - - 1 (2%) -
Singapore - - 3 (6%) 740M (9%)
France 1 (5%) - 1 (2%) -
Germany 1 (5%) - 1 (2%) -
Netherlands 1 (5%) - 1 (2%) -
New Zealand 1 (5%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Kazakhstan - - 1 (2%) -
Switzerland - - 1 (2%) -
Domestic 13 (62%) 890M (90%) 22 (42%) 4.8B (60%)
Cross-border 8 (38%) 96M (10%) 30 (58%) 3.2B (40%)
Total 21 $986M 52 $7.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (33%) - 17 (33%) 138M (2%)
Secondary Buyout 6 (29%) 96M (10%) 11 (21%) 236M (3%)
Growth Capital 5 (24%) - 11 (21%) -
Divestiture 1 (5%) - 5 (10%) 781M (10%)
Going Private 1 (5%) 890M (90%) 4 (8%) 6.8B (85%)
Stake Purchase 1 (5%) - 4 (8%) -
Total 21 $986M 52 $7.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (36%) 200M (9%)
Trade Sale - Public Company 6 (27%) 999M (43%)
Trade Sale 5 (23%) 1.1B (49%)
Bankruptcy 1 (5%) -
Sold to Management 1 (5%) -
Stake Sale 1 (5%) -
Total 22 $2.3B

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 3
Bank of America Merrill Lynch (BofA Securities)
 2
Deutsche Bank Corporate & Investment Banking
 1
Legal Deals
Haiwen & Partners
 5
Latham & Watkins
 2
NautaDutilh N.V.
 1

Deal Values

buy # Total
> $1B 2 $5.6B
$100M to $1B 6 $2.2B
< $100M 1 $96M
TOTAL $7.9B
Largest Focus Media Holding Ltd.
$3.7B (2012-12-19)
sell # Total
> $1B 1 $1.1B
$100M to $1B 3 $1.2B
TOTAL $2.3B
Largest M.A. Med Alliance SA
$1.1B (2022-10-18)

M&A Connections

Deals
Acquired from
Investor(s)
23%
12 (23%)
Strategic(s)
12%
6 (12%)
Exited to
Investor(s)
36%
8 (36%)
Strategic(s)
55%
12 (55%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

7.7B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Yichen Zhang

Chairman & CEO

Derek Wang

Senior Managing Director

Hanxi Zhao

Senior Managing Director

Ray Zhao

Senior Managing Director

Yan Zhao

Senior Managing Director

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