SEAVI Advent Private Equity Ltd. today announced the successful listing of Evergreen Products Group Ltd. 1962.HK (the “Company”) on the Hong Kong Stock Exchange, two years after it first invested in the company. SEAVI Advent Private Equity Ltd., and Evergreen Products Group first entered into a share subscription agreement in March 2015 for a total consideration of USD $15 million. The shares have since been converted in full to ordinary shares.
Evergreen Holdings is one of the world’s leading manufacturers of hair goods and offers a variety of products, including but not limited to wigs, hairpieces, braids, and high-end human hair extensions. The Company ranks 5th in the world for synthetic hair goods sales in 2016, according to the Frost & Sullivan report. It commenced trading in 1962, and maintains significant, long-term relationships with most key customers.
While the Company is engaged in manufacturing hair goods for third parties under said parties’ own brands, the Company has their own high end hairpiece extension brand in Asia. The Group principally services consumers in the United States through production bases in China and Bangladesh. While there are three centres in China, the two principal manufacturing centres are located in Bangladesh. Given lower labour costs, the Group plans to further diversify to Bangladesh with the completion of four new production facilities planned for the end of 2019 with the support of public investment, and China’s One Belt One Road initiative.
Through the quality leadership of both Evergreen Holding’s management and SEAVI, the Group has maintained its strong record of success by listing on the Hong Kong Stock Exchange in July 2017. SEAVI Advent Private Equity plans to continue supporting the Group’s expansion plans into a growing hair goods market. Chairman Felix Chang adds, “Evergreen Products Group had a choice between three potential investors to assist with our move to Bangladesh, and chose SEAVI Advent Private Equity. That decision has since proven its worth, for we have found an investor that can add value beyond meeting our liquidity needs. SEAVI Advent Private Equity’s active board participation throughout the investment period has allowed for greater corporate governance and enhancement of our internal controls. Through a deep understanding of entrepreneurial needs, they have also ensured the smooth sailing of our IPO process and we look forward to continuing a partnership that enhances future company growth and shareholder value.”