Buyouts

Permira buys Hong Kong’s Topcast amid Chinese tourist boom

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.

Private equity firm Permira is to acquire the Hong Kong-headquartered aircraft parts distributor Topcast Aviation Supplies, setting its sights squarely on the Greater China aviation market, the fastest-growing in the world.

Permira is acquiring Topcast for an enterprise value of about $300 million from the company’s two founding families, a person familiar with the matter told FinanceAsia after the announcement on Wednesday.

Chinese tourist numbers continue to swell even if their favourite overseas destinations often vary according to the prevailing fashion and are likely to be moulded by the US-China trade war going forward, a study by broker CLSA shows.
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