CVC in $750m Taiwanese window deal

CVC Asia Pacific added a $200 million mainland blind manufacturing business to its basket before closing the $750 million deal for shutter manufacturer Nien Made.

CVC Asia Pacific has completed its $547 million (€379 million) acquisition of Taiwanese blind and window shutter maker Nien Made. Since the deal was agreed in July, the firm also agreed to purchase the Hong Kong Holding company of a mainland blinds manufacturing business from Nien Made’s founders, bringing the total value of the deal to $750 million.

CVC Asia’s tender offer of TWD$41.28 ($1.27, €0.88) per share represents a 13.6 percent premium over the price of Nien Made’s stock before the transaction was announced.

The deal is the second public-to-private buyout of a Taiwan-listed company. Oaktree Capital Management’s $850 million buyout of golf club head maker Fu Sheng in July was the first.

It is CVC Asia’s sixth investment in Greater China. The firm, which is the pan-Asian buyout arm of UK firm CVC Capital Partners, made its fifth investment in the region last week with the acquisition of a $225 million, 29 percent stake in Shenzhen-listed bottling company Zhuhai Zhongfu Enterprise.

Citigroup, Lexcel Partners, Lee & Li, Clifford Chance and PricewaterhouseCoopers advised CVC Asia and Nien Made on the deal. Citigroup and JP Morgan led debt financing.