The Global Economic Impact of Private Equity Report 2008 - World ...

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Exhibit 5: Summary of acquisitions by China Glass, 2006‐2007Acquisition target Date of completion Target geography Target description Capabilities acquiredPhase IShaanxi Blue Star 1-Oct-06 Shaanxi Province, Shaanxi Blue Star is primarily engaged Additional capacityCo. Ltd northern China in the production and sale of glass andglass products as well as research anddevelopment of glass technology.It has one production line with amelting capacity of approximately350 tons per day.Beijing Qinchang 22-Nov-06 Beijing Beijing Qinchang is primarily engaged Additional capacityGlass Co. Ltdin the manufacturing and sale of glassproducts. It has one production line witha melting capacity of approximately400 tons per day.Phase IIWeihai Blue Star 28-Feb-07 Weihai, Weihai Blue Star is principally engaged Additional capacityGlass Co. Ltd Shangdong Province, in the production and sale of glass and technologyEast Coast of China products and development of glassindustry technology. Weihai Blue Starhas three production lines and a totalmelting capacity of approximately1,200 tons per day.Weihai Blue Star 28-Feb-07 Weihai, Weihai Tech Park is primarily engaged Additional capacityTechnologyShangdong Province, in the production and sale of glass andIndustrial Park East Coast of China glass products. It has one productionline of float glass, one production line ofsheet glass and one production line ofrolled glass, with a melting capacity ofapproximately 450 tons per day,approximately 160 tons per day andapproximately 60 tons per day, respectively.Wuhai Blue 28-Feb-07 Inner Mongolia, Wuhai Blue Star is primarily engaged Additional capacityStar Glass Group N northern China in the manufacturing, marketing anddistribution of glass and glass products.Wuhai Blue Star has three production lineswith a melting capacity of approximately 60,250 and 350 tons per day, respectively.Hangzhou 7-Mar-07 Hang Zhou, Hangzhou Blue Star is primarily Technology:Blue Star Zhe Jiang Province, engaged in the research and various patentsNew Materials East Coast of China development of glass productionTechnology Co. Ltd technology. As of 31 May 2007,Hangzhou Blue Star (formerly knownas Zhejiang University Blue Star NewMaterials Technology Co. Ltd.) ownedseven PRC registered patents and twoPRC registered patents pending.Zhongbo 8-Mar-07 Weihai, Zhongbo Technology is primarily Technology –Technology Co. Ltd Shangdong Province, engaged in the production and Low‐e glass andEast Coast of China sale of glass products, including extra-thin glasslow-emission online coating glass.Zhongbo Technology has oneproduction line with a meltingcapacity of approximately450 tons per day.Source: Authors compilation from China Glass filings.126 Case studies: Hony Capital and China Glass HoldingsThe Global Economic Impact of Private Equity Report 2008
Exhibit 6A: China Glass post‐acquisition manufacturing capacityWuhal660 3Beijing400 1WeihaiSpecial glassConstruction glassNumber of production linesXianyang350+450 1+1 Suqlan1500 3Nanjing220 21650 4Taicang JV330 1HangzhouR&D 0Note:Total of 14 lines with productioncapacity of approximately 4,780tons per day, plus two additionallines at Xianyang and Taicang,which are under construction, witha planned production capacity ofapproximately 450 tons per dayand approximately 330 tons perday, respectively.Daily production capacity (in tons)Exhibit 6B: China Glass post‐acquisition product portfolioFlat glass manufacturing methodsFloat Sheet RolledChina Glass China Glass China Glasshas 11 lines has 2 lines has 1 lineType of flat glassFor For Forconstruction automobile special useWe make• Clear glass • None • Solar glass• Tinted glass• Online coating glass• Silicon glass• Low-e glassSource: Company documents.The Global Economic Impact of Private Equity Report 2008 Case studies: Hony Capital and China Glass Holdings 127
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The Globalization of Alternative In
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ContributorsCo-editorsAnuradha Guru
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PrefaceKevin SteinbergChief Operati
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Letter on behalf of the Advisory Bo
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Executive summaryJosh lernerHarvard
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• Private equity-backed companies
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C. Indian casesThe two India cases,
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Part 1Large-sample studiesThe Globa
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The new demography of private equit
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among US publicly traded firms, it
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should be fairly complete. While th
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according to Moody’s (Hamilton et
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draining public markets of firms. I
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FIguresFigure 1A: LBO transactions
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TablesTable 1: Capital IQ 1980s cov
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Table 2: Magnitude and growth of LB
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Table 4: Exits of individual LBO tr
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Table 6: Determinants of exit succe
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Table 7: Ultimate staying power of
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Appendix 1: Imputed enterprise valu
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Private equity and long-run investm
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alternative names associated with t
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4. Finally, we explore whether firm
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When we estimate these regressions,
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cutting back on the number of filin
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Table 1: Summary statisticsPanel D:
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Table 4: Relative citation intensit
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figuresFigure 1: Number of private
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Private equity and employment*steve
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Especially when taken together, our
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centred on the transaction year ide
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and Vartia 1985.) Aggregate employm
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sectors. In Retail Trade, the cumul
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employment-weighted acquisition rat
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FIguresFigure 1: Matches of private
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Figure 6:Figure 6A: Comparison of n
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Figure 8:Figure 8A: Comparison of j
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Figure 11: Variation in impact in e
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Figure 12: Differences in impact on
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Private equity and corporate govern
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et al (2007) track the evolution of
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groups aim to improve firm performa
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distribution of the LBO sponsors, m
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the most difficult cases. This stor
Page 93 and 94: to see whether these changes of CEO
Page 95 and 96: Figure 3:This figure represents the
Page 97 and 98: TablesTable 1: Company size descrip
Page 99 and 100: Table 5: Changes in the board size,
Page 101 and 102: Table 7: Board turnoverPanel A: Siz
Page 103 and 104: Part 2Case studiesThe Global Econom
Page 105 and 106: European private equity cases: intr
Page 107 and 108: Exhibit 1: Private equity fund size
Page 109 and 110: Messer Griesheimann-kristin achleit
Page 111 and 112: ealized it was not possible to grow
Page 113 and 114: The deal with Allianz Capital partn
Page 115 and 116: the deal, the private equity invest
Page 117 and 118: Exhibit 1: The Messer Griesheim dea
Page 119 and 120: Exhibit 5: Post buyout structureMes
Page 121 and 122: New Lookann-kristin achleitnerTechn
Page 123 and 124: feet. This restricted store space w
Page 125 and 126: institutional investors why this in
Page 127 and 128: Although a public listing did not a
Page 129 and 130: Exhibit 5: Employment development a
Page 131 and 132: Chinese private equity cases: intro
Page 133 and 134: Hony Capital and China Glass Holdin
Page 135 and 136: Hony’s Chinese name means ambitio
Page 137 and 138: Establishing early agreement on pos
Page 139 and 140: Executing the IPOEach of the initia
Page 141 and 142: Exhibit 1A: Summary of Hony Capital
Page 143: Exhibit 4: Members of the China Gla
Page 147 and 148: Exhibit 8: China Glass stock price
Page 149 and 150: 3i Group plc and Little Sheep*Lily
Page 151 and 152: y an aggressive franchise strategy,
Page 153 and 154: soul” of the business. But there
Page 155 and 156: Exhibit 1: Summary information on 3
Page 157 and 158: Exhibit 6: An excerpt from the 180-
Page 159 and 160: Indian private equity cases: introd
Page 161 and 162: ICICI Venture and Subhiksha *Lily F
Page 163 and 164: investment,” recalled Deshpande.
Page 165 and 166: 2005 - 2007: Moderator, protector a
Page 167 and 168: Exhibit 3: Subhiksha’s board comp
Page 169 and 170: Warburg Pincus and Bharti Tele‐Ve
Page 171 and 172: founded two companies at this time
Page 173 and 174: By 2003 this restructuring task was
Page 175 and 176: Exhibit 1C: Private equity investme
Page 177 and 178: Exhibit 4B: Bharti cellular footpri
Page 179 and 180: Exhibit 6: Summary of Bharti’s fi
Page 181 and 182: Exhibit 7: Bharti’s board structu
Page 183 and 184: In the 1993‐94 academic year, he
Page 185 and 186: consumer products. She was also a R
Page 187 and 188: AcknowledgementsJosh LernerHarvard
Page 189: The World Economic Forum is an inde
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