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DealID 125900
DealMarket M&A
DealType Acquisition(PEExit)
TargetCompany TriWallHoldingsLtd
Country:HongKong
MainActivities:
ConvertedPaperProductManufacturing(3222)
Listed:No
Stakeinvolved(%) 100
Buyer RengoCoLtd
Country:Japan
MainActivities:
PaperManufacturing(322)
Listed:Yes
Seller CITICCapitalHoldingsLtd(PE)
Country:HongKong
MainActivities:
OtherFinancialVehicles(52599)
SecondaryActivities:
InvestmentBanking,SecuritiesandOtherFinancialInv.Activities(523)
Listed:No
RelatedCompanies:ChinaInvestmentCorpCITICGroupCorp

Existingshareholders
Listed:No
FinancialAdvisertoSeller BDAPartners
SMBCNikkoSecurities
MainIndustries ConvertedPaperProductManufacturing(3222)
DateofAnnouncement May13,2016
DateofCompletion October27,2016
DealAttributes Strategicbuyout
DealStatus Completed
DealSource Source1
Source2
Comments CITICCapitalPartnersLtd,theprivateequityarmofCITICCapitalHoldingsLtd,
announcedithadsolditsentirestakeof67.1%inHongKongbasedheavyduty
packagingmaterialsmanufacturerTriWallHoldingsLtdtoJapanesepaper
manufacturingcompanyRengoCoLtd.

Rengohasacquiredatotalof100%stakeinTriWallHoldingsfromCITICCapital
Partnersandtheothertwoexistingshareholders.Financialdetailsregardingthe
transactionwerenotdisclosed.
 ForRengothedealwilladdtoitsportfoliotheheavydutycorrugatedboardTriWall
products,thusenhancingthecorrugatedpackagingbusiness.Ontheotherhand,the
disposalmarksanotherexitforCITICCapitalPartnersJapanfunds,whichfocuson
sponsoringthebuyoutsofmiddlemarketcompaniesinordertoaccelerateexpansion
outsideoftheirhomemarkets.

TriWallHoldingsownsglobalheavydutycorrugatedboardbrandssuchasTriWallPak
andBiWallPak.WithbusinessoperationsthroughoutAsiaandEuropethecompany
manufacturestriplewallanddoublewallcorrugatedpackagingsolutions.In2015it
reportednetsalesofHKD1.5bn(USD187.9mn).Backin2010CITICCapitalacquired
TriWallHoldingsforUSD65.5mn.

Establishedin1909,OsakaheadquarteredRengomanufacturespaperboard,corrugated
packaging,foldingcartons,flexibleandheavydutypackaging.Thecompanyhas34
manufacturingplantsinJapanand56plantsthroughoutChina,Thailand,Singapore,
Indonesia,Malaysia,VietnamandtheUS.RengoislistedontheTokyoStockExchange
andreportedJPY532.5bn(USD4.7bn)insalesfortheyearendedinMarch2016.

CITICCapitalPartnersoperatesinChina,JapanandtheUSandcurrentlymanagesUSD
2.6bnofcommittedcapitalonbehalfofover60internationalinvestors.CITICCapital
Holdingsisanalternativeinvestmentmanagementandadvisorycompanymanagingover
USD7.9bncapitalacrossindustrieslikeprivateequity,realestate,structuredinvestment
andfinance,assetmanagement.

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