CITC Capital Partners Limited has sold its majority stake in Tri-Wall To Rengo Co. No financial terms were disclosed. Tri-Wall is a heavy-duty packaging supplier.
(Tokyo, 28 October 2016) – CITIC Capital Partners Limited (“CITIC Capital”), the private equity arm of CITIC Capital Holdings Limited, is pleased to announce that it has completed the sale of all of the 67.1% of the shares of Tri-Wall Holdings Limited (“Tri-Wall” or “The Company”) held by its funds to Rengo Co., Ltd. (“Rengo”) on 27 October. CITIC Capital has previously announced the agreement with Rengo regarding the sale in May.
This makes the fifth exit for CITIC Capital Partners Japan funds, which focus on sponsoring the buyouts of middle-market companies wishing to accelerate their expansion outside of their home markets, particularly in China and other Asian countries (Note 1).
Since the investment by CITIC Capital in 2010, Tri-Wall, the leading company in heavy-duty packaging materials industry, has successfully expanded its global presence and enhanced its customer base with various significant initiatives driven by CITIC Capital.
Leveraging on its strong brand, advanced technology and high quality of products and services, Tri-Wall has significantly extended its global footprints and service offerings, through continued expansion in China and other Asian regions as well as opening up of new markets including Europe, India and Middle East where huge growth opportunities are expected.
Today, Tri-Wall has become the leading heavy-duty packaging supplier that can offer a one-stop solution for its customers globally. The Company will continue to expand its market and improve its services to ascertain its leading position in the industry.
Headquartered in Osaka, Rengo is a leader in the manufacturing and sales of paperboard, corrugated packaging, folding cartons, flexible packaging, heavy duty packaging, and overseas business. Rengo is actively expanding its business and enhancing its profitability by strengthening its sales force, investing in capex, driving M&A opportunities domestically and overseas, as well as innovating the packaging industry.
Hironobu NAKANO, Head of Japan operations and Senior Managing Director, had remarked earlier in May: “We believe that by combining the strength of both companies’ brands, sales network, customer base and other managerial resources under the new ownership structure, both companies will benefit from tremendous synergies and will certainly enhance their value further and advance to the next level.”
Note 1: Exited CITIC Capital Japan fund investments include: Pokka Corporation, Higashiyama Film, Shinwa International and Narumi.
Representative: Yuji SUZUKI, Chairman
Headquarters: Hong Kong
Representative: Kiyoshi OTSUBO, Chairman, President & CEO
Headquarters: Osaka, Japan
About CITIC Capital Holdings Limited
Founded in 2002, CITIC Capital Holdings Limited, is an alternative investment management and advisory company. The firm manages over USD7.9 billion of capital from a diverse group of international institutional investors. Core businesses include Private Equity, Real Estate, Structured Investment & Finance, Asset Management and Venture. CITIC Capital Holdings currently employs over 200 staff members throughout its offices in Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo and New York. For more information, visit: www.citiccapital.com
About CITIC Capital Partners Limited
CITIC Capital Partners Limited, the private equity arm of CITIC Capital Holdings Limited, operates in China, the US and Japan, and currently manages USD 3.6 billion of committed capital on behalf of over 60 international investors. CITIC Capital Partners’ funds invest globally and work with management teams to help companies realize their full potential.