China/Hong Kong – LAWFUEL – Asia Law News – Clifford Chance has advised Asia Timber Products Company Limited, a special purpose vehicle established by funds advised by CVC Asia Pacific Limited, on its leveraged buyout (“LBO”) of the Chinese timber product business owned by Carter Holt Harvey*, the leading New Zealand wood products company. The transaction is CVC’s first LBO investment in the PRC and one of the first LBOs that has been undertaken in PRC.
Commenting on the deal, Andrew Whan, private equity partner at Clifford Chance, said:
“We are delighted to have assisted CVC Asia Pacific in yet another strategic acquisition. There has been keen interest in the private equity arena in China and this is one of the first true leveraged buyouts to have actually been consummated in the PRC.”
The Clifford Chance team was led by partners Andrew Whan and Anthony Wang, assisted by senior associate Terence Foo, and associates Teresa Chong and William Pang (all Hong Kong). ABN AMRO Bank and Royal Bank of Scotland provided the financing for the deal.
Clifford Chance also recently advised funds advised by CCMP Capital Asia Pte. Ltd on the purchase by a newly formed Dutch investment company of the entire issued share capital of Buy The Way Co., Ltd, (which operates a retail chain of convenience stores in South Korea), by way of a LBO with a total transaction value of US$198 million. The transaction was again led by Andrew Whan and Anthony Wang, with assistance from senior associates Neeraj Budhwani and Helen Ibbotson (all Hong Kong).