EmergeVest, an international private investment firm, has completed the first inaugural exit from its debut fund, EmergeVest Fund LP.
In connection with the successful merger of its portfolio company, JD United Holdings Limited (JDU), with Taiwan-listed Roo Hsing Co, EmergeVest completely exited its investment in JDU, generating more than two-times invested capital and an IRR above 25. Consideration for the transaction is not being disclosed.
Headquartered in Changzhou, Jiangsu, China, JDU has 25 manufacturing facilities across Asia and Africa, producing apparel for leading international brands and retailers, such as Levi Strauss, Gap, Fast Retailing, Primark and C&A. The merger with Roo Hsing cements the business as one of the world's leading denim manufacturers, with combined revenue above US$500 million.
EmergeVest first invested in JDU in 2014 and supported the company's expansion with additional capital in 2015. During its investment period, EmergeVest reorganized JDU's shareholding structure, buying out a previous private equity investor, optimized JDU's balance sheet, financed expansion into new markets and product categories, and managed the merger with Roo Hsing.
Roger Moh, Managing Director at EmergeVest, says: "We are delighted to have helped JDU management make such significant progress in growing the business. We wish the enlarged company well for the future."
Richard Sun, CEO at JDU, says: "I would like to express my gratitude toward EmergeVest and its partners for their support. EmergeVest has enabled us to capitalize on growth opportunities, culminating with the merger with Roo Hsing. We are well positioned for future development."
EmergeVest was advised on the transaction by Ropes & Gray.