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PAG weighs sale of stake in Paradise: Bloomberg
Posted on Friday, 18 October 2019 08:14
Hong Kong-based alternative asset manager PAG is considering disposing of its stake in Paradise Group Holdings, in a deal that could value the Singaporean restaurant group at around SGD 500.00 million (USD 365.90 million), people familiar with the matter told Bloomberg.

The sources observed that the private equity group has hired an advisor to help work on the potential sale, although they cautioned deliberations are preliminary and there is no guarantee it will result in a deal.

Paradise is a restaurant and catering firm that offers oriental cuisine and is probably best known for its colourful dumplings.

Established in 2002, according to its website, the company houses a total of 11 culinary concepts across nine countries, serving customers at around 50 locations in Singapore and a further 60 eateries worldwide.

It operates brands such as Paradise Dynasty, Seafood Paradise, Para Thai and Beauty in the Pot.

PAG made its first investment in the business back in 2017; however, no details of this transaction, including the size of the stake and the price, were disclosed.

The buyout group has investments in Food Union, the Cheesecake Shop and China Youran Dairy Holding, as well as Universal Studios Japan, Relay Automotive and Tencent Music Entertainment.

Bloomberg’s sources, who asked not to be identified as the situation is still private, did not disclose any potential buyers for Paradise, while a representative for the firm and for PAG either declined or did not respond to the news provider’s requests for comment.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 177 private equity and venture capital investments in Singapore-based targets announced in 2019 to date.

KPS Capital Partners completed an acquisition of Brunswick's fitness business, including Life Fitness, for USD 490.00 million in the largest of these to date.

Other targets included Health Management International, EasyVan, Zilingo and Secretlab.

© Zephus Ltd