Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Kirindo Establishing Drugstore Dominance in Kansai

Japanese Drugstores: With Maturity Comes Marriage

Cocokara & Matsumotokiyoshi: Good for Matsumotokiyoshi & Better for Cocokara

Quiddity Advisors

Event-Driven

At 9pm last night, basically a full day after Kyodo carried a news story that <a href="https://www.smartkarma.com/entities/kirindo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20564:1" rel="noopener">Kirindo Holdings (3194 JP)</a> was going to be taken private by Bain, the company dropped a load of documents onto the TDNet exchange document filing system indicating that indeed Bain would conduct a Tender Offer to privatise the company and delist it. I imagine bankers spent all day putting the information together. It's kind of a complicated document and structure - more so than normal. But at heart, it is an MBO where at the end, Bain Capital will have about 60% of the resultant enterprise, and the Teranishi family will have about 40%. Given that the two familymembers who will The founder and current chairman Teranishi Tadayuki (91) does not appear to be selling in the end, but his son Teranishi Toyohiko, the president (63) appears to be the solid leader through the next stage. This appears to be a kind of succession planning construct, not unlike the <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan Co (9792 JP)</a> MBO and several others in the past couple of years.Succession-planning MBOs are all the rage. There are good reasons for this. I expect this trend to only accelerate from here. More below the fold.

At 9pm last night, basically a full day after Kyodo carried a news story that Kirindo Holdings (3194 JP) was going to be taken private by Bain, the company dropped a load of documents onto the TDNet exchange document filing system indicating that indeed Bain would conduct a Tender Offer to privatise the company and delist it. I imagine bankers spent all day putting the information together. It's kind of a complicated document and structure - more so than normal. But at heart, it is an MBO where at the end, Bain Capital will have about 60% of the resultant enterprise, and the Teranishi family will have about 40%. Given that the two familymembers who will The founder and current chairman Teranishi Tadayuki (91) does not appear to be selling in the end, but his son Teranishi Toyohiko, the president (63) appears to be the solid leader through the next stage. This appears to be a kind of succession planning construct, not unlike the Nichii Gakkan Co (9792 JP) MBO and several others in the past couple of years.Succession-planning MBOs are all the rage. There are good reasons for this. I expect this trend to only accelerate from here. More below the fold. 

Kirindo (3194) - Another Cheap Bain MBO With Weak Adherence to Fair M&A Guidelines