1. Home >
  2. Investors >
  3. Private Equity Firm >
  4. China >
  5. Trustar Capital

Trustar Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Trustar Capital has acquired 3 companies.

Trustar Capital’s most common sectors for investment arebusiness services (13%) and consumer products (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and secondary buyout (19%). In total, Trustar Capital has invested in 9 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 6 companies. The Firm’s most common exit type is trade sale (43%). Trustar Capital’s largest (disclosed) exit occurred in 2022 when it sold M.A. Med Alliance SA for $1.1B.

Subscribe to Mergr to view Trustar Capital’s full profile and discover more mega-sized private equity firm investors just like it.

M&A Summary

  • M&A Total Activity92
    • M&A Buy Activity64
    • M&A Sell Activity28
  • Total Sectors Invested 26
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 35
  • M&A Advisors 20

Trustar Capital

Trustar Capital, Inc.

28/F, CITIC Tower, 1 Tim Mei Avenue,
Hong Kong,
China
+852 3710 6888
www.trustarcapital.com

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 (2.4/yr) # 52 9 1 1 1 - 64
vol $7.9B $7.9B
Sell (1.8/yr) # 19 3 4 1 1 - 28
vol $1.2B $1.1B $275M $2.6B
  92

Most Recent M&A

Company Date Value Type
Guilong Pharmaceutical (Anhui) Co. Ltd. 2024-04-02 - Buyout (LBO, MBO, MBI)
Maanshan, China
Mark Styler Co. Ltd. 2024-01-31 - Sold to Management
Shibuya, Japan · www.mark-styler.co.jp
Moritex Corp. 2023-08-29 275M USD Trade Sale
Saitama, Japan · www.moritex.com
KG Holdings Co. Ltd. 2023-01-01 - Buyout (LBO, MBO, MBI)
Shizuoka, Japan · www.kaneko-hd.co.jp
LifeStyles Healthcare Pte. Ltd. 2022-12-01 - Secondary Sale
Singapore, Singapore · www.lifestylesglobal.com
M.A. Med Alliance SA 2022-10-18 1.1B USD Trade Sale
Nyon, Switzerland · www.medalliance.com
Fullerton Healthcare Corp. Ltd. 2022-08-12 - Recapitalization
Singapore, Singapore · www.fullertonhealth.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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hangzhou UCO Cosmetics Co. Ltd. 2019-04-29 TheLian 2022-01-12 1
Hangzhou, China · www.uco.com Shanghai, China · www.thelian.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (21%) - 8 (13%) 181M (2%)
Consumer Products 4 (17%) - 6 (9%) 600M (8%)
Manufacturing - - 5 (8%) -
Life Science 2 (8%) - 4 (6%) 140M (2%)
Transportation - - 4 (6%) -
Machinery 1 (4%) 96M (100%) 3 (5%) 96M (1%)
Automotive 2 (8%) - 3 (5%) -
Education - - 3 (5%) -
Healthcare Services 1 (4%) - 3 (5%) -
Packaging 2 (8%) - 3 (5%) -
Marketing 1 (4%) - 2 (3%) 3.7B (47%)
Information Technology 1 (4%) - 2 (3%) 283M (4%)
E-Commerce 1 (4%) - 2 (3%) -
Electrical Equipment - - 2 (3%) -
Financial Services - - 2 (3%) -
Food 1 (4%) - 2 (3%) -
Technology Hardware - - 1 (2%) 1.9B (24%)
Software - - 1 (2%) 890M (11%)
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Apparel/Textiles - - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services - - 1 (2%) -
Environmental 1 (4%) - 1 (2%) -
Internet Software and Services 1 (4%) - 1 (2%) -
Medical Products - - 1 (2%) -
Restaurants 1 (4%) - 1 (2%) -
Total 24 $96M 64 $7.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
China 16 (67%) - 31 (48%) 4.8B (60%)
United States 2 (8%) - 11 (17%) 2.3B (29%)
  North Carolina 1 (4%) - 2 (3%) -
  California - - 2 (3%) 2.0B (26%)
  District of Columbia 1 (4%) - 1 (2%) -
  Connecticut - - 1 (2%) 283M (4%)
  New Jersey - - 1 (2%) -
  New Hampshire - - 1 (2%) -
  Michigan - - 1 (2%) -
  Illinois - - 1 (2%) -
  Florida - - 1 (2%) -
Japan 2 (8%) 96M (100%) 11 (17%) 96M (1%)
Singapore - - 4 (6%) 740M (9%)
France 1 (4%) - 1 (2%) -
Germany 1 (4%) - 1 (2%) -
Netherlands 1 (4%) - 1 (2%) -
New Zealand 1 (4%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Kazakhstan - - 1 (2%) -
Switzerland - - 1 (2%) -
Domestic 16 (67%) - 31 (48%) 4.8B (60%)
Cross-border 8 (33%) 96M (100%) 33 (52%) 3.2B (40%)
Total 24 $96M 64 $7.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (33%) - 24 (38%) 138M (2%)
Secondary Buyout 6 (25%) 96M (100%) 12 (19%) 236M (3%)
Growth Capital 4 (17%) - 11 (17%) -
Stake Purchase 3 (13%) - 6 (9%) -
Divestiture 1 (4%) - 5 (8%) 781M (10%)
Going Private - - 4 (6%) 6.8B (85%)
Recapitalization 1 (4%) - 1 (2%) -
Venture 1 (4%) - 1 (2%) -
Total 24 $96M 64 $7.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (29%) 200M (8%)
Trade Sale - Public Company 7 (25%) 1.3B (49%)
Trade Sale 5 (18%) 1.1B (44%)
IPO 2 (7%) -
Sold to Management 2 (7%) -
Bankruptcy 1 (4%) -
Recapitalization 1 (4%) -
Stake Sale 1 (4%) -
Unknown 1 (4%) -
Total 28 $2.6B

Top M&A Advisors

Financial Deals
PwC Corporate Finance
 3
BofA Securities
 2
KPMG Corporate Finance
1
Legal Deals
Haiwen & Partners
 5
Latham & Watkins
 2
NautaDutilh
 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 4 $1.5B
TOTAL $2.6B
Largest M.A. Med Alliance SA
$1.1B (2022-10-18)

M&A Connections

Deals
Acquired from
Investor(s)
20%
13 (20%)
Strategic(s)
9%
6 (9%)
Exited to
Investor(s)
32%
9 (32%)
Strategic(s)
46%
13 (46%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

8.7B 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

FAQ

When was Trustar Capital founded?

Trustar Capital was founded in 1978.

What type of investor is Trustar Capital?

Trustar Capital is a private equity firm.

Where is Trustar Capital headquartered?

Trustar Capital is headquartered in Hong Kong, China.

How much capital does Trustar Capital have under management?

Trustar Capital has 8.7B USD under management.

 Subscribe to unlock this and 215,016
investor and company profiles

Sign-up today to get full access

  • check  Unlimited Searches
  • check  Unlimited Profile Views
  • check  Build and Export Lists of
    • PE Backed Companies
    • Direct Investors & Acquirers
    • Advisors
    • Deals
    • & More
Get Full Access

What's Mergr?

Mergr is a user-friendly database designed to simplify the complex world of private equity and M&A for busy professionals.

We created Mergr to eliminate the challenge of tracking company acquisitions, sales, and ownership, providing clear insights into investment firms and their activities. For example, explore an investment firm’s investment criteria, deal history, portfolio, and connections - organized to help you uncover opportunities and make informed decisions.

With Mergr, gain access to a comprehensive, interconnected web of transactions, investors, companies, and advisors - all in one place.

Mergr, the Easiest-to-Use PE and M&A DB

Key Benefits

  • Stay informed on events in your industry
  • M&A research that takes seconds (not all afternoon)
  • Better understand your customers and prospects
  • Discover active buyers (or sellers)
Search
  • 4.7K Private Equity Firms
  • 208K M&A Transactions
  • 210K Companies Involved in M&A
    (Buyer, Seller, or Target)
  • 3.7K M&A Advisors
    (Investment Banks and Law Firms)
  • 81K M&A Contacts
    (PE and M&A Advisors)

What next?

Get Full Access

Full access to Mergr's investor, acquirer, and transaction data starts here.

Mergr

Solution for

Product

Company

Legal