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PAG Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, PAG has acquired 7 companies. It has also invested in 2 others.

PAG’s most common sectors for investment arefood (20%) and life science (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (36%) and divestiture (20%). In total, PAG has invested in 8 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired DTZ Holdings for $865M.

In the last 3 years, PAG has exited 1 company. The Firm’s most common exit type is merger (100%).

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M&A Summary

  • M&A Total Activity28
    • M&A Buy Activity25
    • M&A Sell Activity3
  • Total Sectors Invested 11
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 11
  • M&A Advisors 5

PAG

33/F, Three Pacific Place 1 Queen's Road East,
Hong Kong,
China
(852) 2918 0088
www.pagasia.com/en/
info@pagasia.com

PAG is a large independent alternative investment management group focused on private equity, real estate, and absolute returns. PAG’s private equity business, PAG Asia Capital or PAGAC, focuses on large-scale buyouts, control deals, and structured minority investments. PAG’s real estate strategy manages a series of real estate opportunity and core plus funds investing in properties in Japan, China and throughout Asia-Pacific. PAG’s absolute return business focuses on building long term relationships with its partners by offering a flexible range of financing solutions to meet short and long term funding needs. PAG was formed in 2002 and is headquartered in Hong Kong.


Investment Criteria

Sectors of Interest: Business Services, Construction, Consumer Products, Distribution, Machinery, Manufacturing, Real Estate

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture

Geographic Preferences: Asia/Pacific, Australia/New Zealand, Central Asia/India

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 (3.4/yr) # 8 8 7 2 - - 25
vol $2.0B $145M $828M $220M $3.2B
Sell (0.6/yr) # - 2 - 1 - - 3
  28

Most Recent M&A

Company Date Value Type
Shanghai Xingyi Cinema Management Co. Ltd. 2023-09-27 220M CNY Divestiture
, China · www.bestarfilm.com
Australian Venue Co. Ltd. 2023-08-25 - Secondary Buyout
Melbourne, Australia · www.ausvenueco.com.au
Vesco Foods Holdings Pty. Ltd. 2023-01-01 - Merger
Osborne Park, Australia · www.vescofoods.com.au
Shandong Fengxiang Co. Ltd. 2022-12-20 - Stake Purchase
Liaocheng, China · www.fengxiang.com
Patties Food Group Pty Ltd. 2022-09-15 - Secondary Buyout
Mentone, Australia · www.pattiesfoodgroup.com
Vesco Foods Holdings Pty. Ltd. 2022-09-15 - Divestiture
Osborne Park, Australia · www.vescofoods.com.au
Huis Ten Bosch Co. Ltd. 2022-08-30 828M JPY Divestiture
Nagasaki, Japan · www.huistenbosch.co.jp
%Arabica 2022-03-29 - Buyout (LBO, MBO, MBI)
Hong Kong, China · www.arabica.coffee
Cordina Group 2022-03-16 - Buyout (LBO, MBO, MBI)
Girraween, Australia · www.cordina.com.au
Beijing AiFenLei Environmental Co. Ltd. 2022-02-01 - Growth Capital
Beijing, China · www.aifenlei.com.cn
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Patties Food Group Pty Ltd. 2022-09-15 Vesco Foods Holdings Pty. Ltd. 2023-01-01 1
Mentone, Australia · www.pattiesfoodgroup.com Osborne Park, Australia · www.vescofoods.com.au
AirPower Technologies Ltd. 2021-07-01 Shanghai Baosteel Gases Co. Ltd. 2021-07-01 2
Hong Kong, China · www.airpowertech.com Shanghai, China · www.baosteelgases.cn
AirPower Technologies Ltd. 2021-07-01 Yingde Gases 2021-07-01 1
Hong Kong, China · www.airpowertech.com Shanghai, China · www.yingde.com

M&A by Sector

Sector Current # Value All-time # Value
Food 4 (19%) - 5 (20%) -
Life Science 4 (19%) 685M (40%) 4 (16%) 685M (21%)
Chemicals 1 (5%) - 3 (12%) 616M (19%)
Restaurants 3 (14%) - 3 (12%) -
Leisure 2 (10%) 828M (48%) 2 (8%) 828M (26%)
Business Services 2 (10%) - 2 (8%) -
Internet Software and Services 2 (10%) - 2 (8%) -
Real Estate - - 1 (4%) 865M (27%)
Media 1 (5%) 220M (13%) 1 (4%) 220M (7%)
Environmental 1 (5%) - 1 (4%) -
Marketing 1 (5%) - 1 (4%) -
Total 21 $1.7B 25 $3.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 9 (43%) 760M (44%) 11 (44%) 1.4B (43%)
Australia 5 (24%) - 6 (24%) -
Japan 2 (10%) 828M (48%) 2 (8%) 828M (26%)
India 2 (10%) 145M (8%) 2 (8%) 145M (5%)
Italy 1 (5%) - 1 (4%) -
Latvia 1 (5%) - 1 (4%) -
Singapore 1 (5%) - 1 (4%) -
United Kingdom - - 1 (4%) 865M (27%)
Domestic 9 (43%) 760M (44%) 11 (44%) 1.4B (43%)
Cross-border 12 (57%) 973M (56%) 14 (56%) 1.8B (57%)
Total 21 $1.7B 25 $3.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (43%) 145M (8%) 9 (36%) 145M (5%)
Divestiture 3 (14%) 1.6B (92%) 5 (20%) 2.5B (76%)
Secondary Buyout 3 (14%) - 4 (16%) -
Stake Purchase 4 (19%) - 4 (16%) -
Going Private - - 1 (4%) 616M (19%)
Growth Capital 1 (5%) - 1 (4%) -
Venture 1 (5%) - 1 (4%) -
Total 21 $1.7B 25 $3.2B

Exits by Deal Type

Type Total # Value
Merger 3 (100%) -
Total 3 -

Top M&A Advisors

Financial Deals
Ernst & Young Capital Advisors
 1
BofA Securities
 1
Goldman Sachs
 1
Legal Deals
Gilbert + Tobin
 1
King & Wood Mallesons
 1

Deal Values

buy # Total
$100M to $1B 6 $3.2B
TOTAL $3.2B
Largest DTZ Holdings Plc
$865M (2014-06-16)

M&A Connections

Deals
Acquired from
Investor(s)
16%
4 (16%)
Strategic(s)
20%
5 (20%)
Exited to
Strategic(s)
100%
3 (100%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

30.0B USD

Established

2002

Specialist/Generalist

Generalist

Leadership

Chris Gradel

Co-Founder & Managing Partner, CIO PAG Absolute Returns

Weijian Shan

Group Chairman & CEO, Managing Partner of Asia

Jon Paul Toppino

Group President, PAG & Managing Partner PAG Real Estate

FAQ

When was PAG founded?

PAG was founded in 2002.

What type of investor is PAG?

PAG is an asset manager.

Where is PAG headquartered?

PAG is headquartered in Hong Kong, China.

How much capital does PAG have under management?

PAG has 30.0B USD under management.

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