[HONG KONG] The owner of skin care brand Fancl in Asia ex-Japan has hired Morgan Stanley to initiate a sale, targeting strategic and private equity investors for a deal that could fetch US$1 billion, said people with knowledge of the matter. Read more at The Business Times.
Fancl Asia will run a two-round auction with first-round bids expected by September-end, said one of the people, who declined to be identified due to confidentiality constraints.Fancl Corp is not involved in the sale, and distribution contracts will be unaffected by ownership change, the people said.
With annual revenue of US$250 million to US$300 million and profit margin as much as over 20 per cent, a sale is likely to fetch a multiple of more than 10 times Ebitda, the person said. The Tokyo-listed company in its April-June earnings call said Hong Kong sales through the distributor were less than half of the previous period, though there was a slight increase in China.
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