New bridge investment Next stop, "Good boy"?

Absrtact: After a long period of planning, waiting, postponement, postponement of the listing, China's largest children's products production Enterprises good children group also failed to escape the fate of other unlisted enterprises. Pacific Investment Group (PAG), the largest shareholder with 68% per cent stake in a good child group, is considering selling its stake recently, according to Chinaventure News. To expand the retail business of the baby stroller King "Good Boy" by many foreign private equity giants of all ages. After a long planning, waiting, postponement and postponement of the listing, the best children's production enterprise of China's largest children's products group has not been able to escape the fate of other unlisted enterprises.　　Pacific Investment Group (PAG), the largest shareholder with 68% per cent stake in a good child group, is considering selling its stake recently, according to Chinaventure News. However, more fortunate than other unlisted companies, the hope to invest in good children and share the Chinese children's products market is very enthusiastic.　　Yesterday, the reporter learned from the relevant channels, including the forthcoming from the deep development of the United States Xinqiao Investment Company (TPG Capital) and the Swedish Ying group (EQ tpartners), including the two foreign private equity funds are contacting the PAG group to negotiate the transfer, the results may be released before the end of the month. Baby supplies market for PE covet according to the news of the foreign media, including the new bridge investment and the Ying group in the possible negotiations are underway, PA G is part or all of the sale of good children shares have not been determined. However, the purchase price for a good child's equity is now circulated in two versions, 1.3 billion-1.6 billion dollars and 300 million dollars. As of yesterday, the new bridge capital and good children Group said in an interview with reporters that the bid for shares "did not comment." "Around 2008, it was time for China to meet its fourth population birth peak," he said.　　According to the Boston consulting firm, the Chinese baby supplies market, which includes baby food, clothing, toys, baby stroller and care supplies, will grow by around 17% a year before 2012.　　China's baby supplies market is very dispersed, the number of enterprises have more than 8,000, large-scale, the strength of not more than 6.　　Since last year, a number of private equity agencies have told reporters that they want to invest in China's baby products market. As the world's largest baby stroller manufacturers, good Children Group in 1989 by song also created, long-term for Q Uinny, Nike children's wear, Tommy and other international brands to provide baby carts and other infant supplies. According to the National Light Industry Association Statistics, its children's products in the U.S. market share of 40%, in the European market share also rose to 20%.　　In the domestic children's stroller market, the good child group also occupies 70% market share. As a result, a good child gradually entered the field of PA G. According to public information, PA G invests mainly in the form of private equity funds, and the total assets currently administered are over $4 billion. It is reported that in January 2006, the European-backed private investment baseGold, 1 to 22.5 billion U.S. dollars from the first Shanghai (H K. 227), Japan's soft storage, AIG, the acquisition of a good child 100% equity, while the management to pay 32% of the shares. However, in this classic Western leveraged buyout case, PA G only paid $12 million worth of 10% of the purchase price and then borrowed the assets of a good kid's company as collateral to borrow a bridging loan from the bank, equivalent to 50 of the total purchase price, and sold about 40% of the purchase price to P A G shareholders.　　Bonds.　　Liu Tongyuo, the vice president of the group, said the introduction of PA G was part of a good kid's plan to go public in Hong Kong. Retail business Blocked Listing January 1, 2008, a "Mother of good children" of a one-stop maternal and child supplies shopping center opened in Shanghai. Meanwhile, news from Hong Kong says good kids are planning to go public in the second quarter of 2008, raising $200 million trillion. "This is the first step in a good kid's new retail business." "People with a good understanding of their children's internal situation told reporters that in 2003, CLSA was a" manufacturer concept "of good children to make a listing of 18 times times P/E. At that time, the "retail concept" of the Li-ning P/E ratio is 28 times times, the latter is more lethal to investors.　　For this, good kids have a high expectation of "retail", and by 2012 the group expects sales to reach 5 billion yuan, surpassing existing manufacturing operations. In fact, as early as July 2006, good children have begun to try to open the first maternal and infant stores in Shanghai. This traditional store mainly sells good children's own products and more than 10 international brands of its agents.　　But until 2007, the manufacturing sector still contributed a major income to good children, with the international and domestic markets still holding a 7:3 percentage point. In this case, good children continue to focus on the more control of the domestic market based on their own new channels of construction. July 2007, a good child and the United Kingdom Mothercare set up a joint venture to open a one-stop mother and child supply chain in China. It is reported that Mothercare is a global mother and child supplies retailer, in 40 countries around the world opened nearly 1000 stores.　　In the joint venture, the good Child group occupies 70% of the shares, M Othercare occupies 30%. However, as of now, the retail business of good children is not as optimistic as expected. According to the previous exposure of the "mother of Good children" 5 direct shop 2008 year first quarter sales Performance table shows: 5 Direct shop, the highest sales in Shanghai Songjiang Shop a single month turnover of only 710,000 yuan, when the quarter 5 stores total sales revenue of 4.51 million yuan. This sales performance is clearly out of proportion to the huge investment. Such a result, analysts say, is likely to lead to the postponement of a good kids ' listing plan. On the one hand can not be listed smoothly, on the other hand to continue to invest in open shop, which may become the PA g to consider the reasons for the withdrawal of good childrenOne。　　Hundred good former general manager of China to join according to investment institutions, the current bridge investment company and Sweden Ying Group are in contact with PA G, negotiate the transfer of shares, the results may be water before the end of the month. New bridge investment is about to withdraw from the deep development, analysts believe that the new bridge investment can be a minimum of 11.449 billion yuan of cash.　　As one of the would-be buyers, the company, launched in 1994 by the Texas Pacific Group and Blum Capital, is strong and manages 1.7 billion of billions of dollars. Another company, Ying Group, a Swedish private equity firm, was founded in 1994 by UBS, Sweden (Investora B). Ying founder and general manager of Koni Johnson. The company currently manages 10 funds, totalling about 10.5 billion euros.　　So far, its weighted average total returns have reached 103%. Analysts believe that as strategic investors, the two of these companies, whether it is a good child, can provide a considerable strength of resources.　　But also as an investment company, its exit mechanism, especially to promote good children's listing requirements are also necessarily higher. Our correspondent recently learned that the group of good children from the retail industry has dug to Bojia former China regional managing director Feng Yanju as the company C EO, and in May officially took office.　　The above news was well received yesterday by a group of interested parties. It is reported that Feng Yanju was born in Taiwan, after 15 years in Carrefour, is Carrefour's first Chinese shop director and regional general manager. 2003, Feng from the Carrefour South China manager position job-hopping to hundred best as managing director of the Chinese region, has a wealth of retail industry experience.　Analysts believe that the good children group's move, intended to use Feng Yanju in the retail industry more than 20 years of experience to reverse the disadvantage of their retail layout is quite obvious. This reporter Ting Airi protagonist baby stroller King "Good Boy" as the world's largest baby stroller manufacturers, good children group's children's products in the U.S. market share has reached 40%, in the European market share has risen to 20%, according to the Forbes magazine survey, the United States every 5 stroller, 2 are from the Good children Group, In the domestic children's stroller market, the good child group also occupies 70% market share. Last year, the good children group achieved sales revenue of 4.1 billion yuan, an increase of 18%, the profit of 162 million yuan, an increase of 23%.