Permira

Kurt Björklund explains how Permira navigates stratospheric valuations in the technology sector.

The private equity investor sees value in the China-focused aircraft parts distributor as the Middle Kingdom increasingly becomes the engine of growth for the industry. The US-China trade war has not as yet dented sales, helped by gradually maturing fleets.

The private equity firm’s Alex Emery sees Grobest as an increasingly valuable link in the food value chain at a time when pressure is mounting on farmers to use less antibiotics in acquaculture.

The private equity firm plans to expand the diagnostic imaging services firm in Australia and overseas after beating Chinese bidders by offering funding certainty and global expertise.

Trade sales, secondaries, dividend recaps and other creative exits gain traction as funds struggle to exit a build up of investments in China.

The private equity firm is looking to grow this cash-generative business via acquisitions, justifying the steep valuation it paid to fend off Vistra and Link.

The sale comes five years after Permira made its investment in the Macau casino operator and three weeks before its latest lockup was due to expire.

The deal is backed by a reverse inquiry and sells to a small number of investors at a tight 4.1% discount.

The private equity investor sells the shares at more than twice the price it paid four years ago, but keeps a 12.8% stake as a long-term investment.