SEAVI Advent Private Equity today announced that its sixth fund, SEAVI Advent Equity VI, has completed a partial divestment of its stake in Evergreen Products Group Limited (HK: 1962) (the “Company” or “Evergreen”) with the aim of 1) enhancing the Company’s value by bringing in new strategic shareholders; and 2) returning capital to its investors.
Evergreen 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 ranked 5th in the world for synthetic hair goods sales in 2016, according to a 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, it has its own high end hairpiece extension brand in Asia. It primarily supplies consumers in the United States of America through its principal production bases in Bangladesh. Evergreen plans to continue expanding its presence in Bangladesh through investments in automation and hiring of skilled workers for the manufacturing of its high-end products.
As part of its value-add to the Company, SEAVI Advent has helped Evergreen in its capital markets plans, business development and improvement in operational efficiency. The Company has since grown its revenue from over HK$300m to HK$1b during SEAVI Advent’s investment horizon. SEAVI Advent remains positive on the Company in-spite of the recent divestment and will continue to work together with Company’s management to ensure the continual growth of the company.
Despite the continued challenging macro-economic as well as geopolitical environment, SEAVI Advent continues to provide its investors with medium term liquidity as well as superior investment returns. We will continue to work closely with its portfolio companies to add value to their businesses in order to deliver medium to long term shareholder value.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, is one of the first private equity and venture capital firms to operate in the Asia Pacific region. Since 1984, the firm has invested over US$600 million into more than 120 Asian companies, from growth to late stage, as well as buyout and control transactions. With a proven track record that includes ranking fourth on Preqin’s Top 10 performance funds for its 2003/04 vintage, SEAVI Advent has been instrumental in delivering value to many of its portfolio companies, and has developed an extensive record of successful investments, which include Universal Health International Group (2211.HK), Hainan Shuangcheng Pharmaceutical Co. Ltd (002693.SZ), and Clarity Medical Group (1406.HK) in the healthcare sector; Weimob Inc. (2013.HK), Huitongda Network (9878.HK), and Sinofriends in the TMT sector; Tsaker New Energy (1986.HK), and Pengyao Group (300664.SZ) in the new energy & advanced manufacturing sector.
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