Ace Investments 1 Limited, a company advised by the Permira funds, along with the Asia Broadcast Satellite (“ABS”) management team are pleased to announce that they have successfully completed the acquisition of Kingsbridge Limited, the holding company for ABS. The acquisition represents a full exit for Citigroup Venture Capital International Proprietary Investment Partnership, L.P. and Citigroup Venture Capital International Co-Investment, L.P. (collectively, the “CVCI Shareholders”), which have been the majority shareholders of ABS since 2006, along with ADM Capital and certain other shareholders.
Founded in 2006 by CEO Thomas Choi, ABS has quickly become one of the fastest growing premium satellite operators in the world. ABS has grown from a single satellite operator in 2006 to having three satellites in orbit under the ABS brand, one under co-brand with a third party and two additional satellites in the pipeline including the new state-of-the-art ABS-2 scheduled to be launched in early 2013. ABS has enjoyed an impressive growth track record achieving over 95% utilization on ABS-1 within the first 2.5 years of operations, and approximately 20% compounded quarter-on-quarter growth in revenue from 2006 to 2010, serving over 80 customers in 30 countries. ABS’ prime orbital at 75˚E covers four fifths of the world’s population, targeting high growth markets in Asia, Russia, Africa and the Middle East.
With the Permira funds considerable investment experience in the satellite sector, along with the current management team as significant shareholders in the company, both are fully committed to taking ABS forward in its next phase of growth. ABS is very optimistic about maintaining its successful growth with plans for developing new orbital locations and exploring opportunities to expand the business through further strategic acquisitions.
Commenting on the acquisition, Thomas Choi, Founder and Chief Executive of ABS, said: “As our company enters the next stage of growth and development, we are very fortunate to have an investor like the Permira funds who have a deep understanding and a sound perspective of the satellite industry landscape. The Permira team has expressed tremendous confidence in the ABS management team and is committed to supporting the future growth of the company.”
Richard Sanders, of Permira said: “ABS has grown very rapidly over the past four years providing satellite services to fast growing emerging markets. The demand for its services and opportunities for further expansion are very significant and we are delighted to back such a strong management team as the business enters an exciting phase in its development.”
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About Asia Broadcast Satellite
Asia Broadcast Satellite (ABS) is one of the fastest growing premium satellite operators in the world. ABS serves a global customer base with representatives in Asia, the Middle East, Europe and North America. ABS offers a complete range of End-to-End solutions including Direct to Home (DTH) and Cable TV distribution (CATV), Cellular Backhaul, VSAT and Internet Backbone services with diverse IP transit through its European and Asian internet gateways. ABS currently hosts over 175 TV channels making it as one of the fastest growing and top satellite distribution platforms and broadcaster of TV channels in the Asia Pacific.
ABS is rapidly expanding its satellite fleet and business worldwide through the recent acquisitions of ABS- 7 (formerly Koreasat-3), ABS-1A (formerly Koreasat-2) and ABS-5 (formerly Agila-2). ABS has also completed a strategic cooperation with Eutelsat for the ABS-1B/W75 satellite at 75°E. ABS is planning the launch of a new state-of-the-art high powered satellite, ABS-2, that is scheduled to become operational in 2013. ABS-2 will be located at the 75° East Longitude, ABS’ prime orbital location covering four-fifths of the world’s population across the Indian Ocean region.
ABS is committed to maintaining its aggressive growth through the announcement of more strategic partnerships, acquisitions and further additions to its satellite fleet of ABS-1, ABS-1A, ABS-1B, ABS-2, ABS-5 and ABS-7.
For more information, please visit the Company’s website at www.absatellite.net
Permira is a private equity firm with a European heritage and a global reach. The firm advises funds with a total committed capital of approximately €20 billion (US$27 billion). Its funds, raised from pension funds and other institutions, make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth.
Permira is wholly independent and owned by its Partners. The firm’s teams are based in Frankfurt, Guernsey, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Milan, New York, Paris, Stockholm and Tokyo. They specialise in five key sectors of activity: Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecoms (“TMT”).
The Permira funds have made over 190 private equity investments since 1985 and have returned €16 billion to their investors over the past decade. Inmarsat and Intelsat generated respectively 4x and 10x returns for the Permira funds’ investors.
About Permira in Asia
Permira opened its Tokyo office in 2005 and Hong Kong office in 2008. The Permira funds’ first investment in Asia was in October 2007 when it bought a 20% equity stake in Galaxy Entertainment, the Macau-based gaming group. In February 2008, the Permira funds acquired Arysta LifeScience, an agrochemicals business headquartered in Japan.
For more information, please visit the Company’s website at www.permira.com