6 April 2020
BDA advises Thipha & Dovina, Vietnam, on sale to Stark Corporation, Thailand
Divested ThiPha Cable and Dovina to Stark Corporation
BDA Partners is pleased to announce that its clients, the shareholders of Thinh Phat Cables Joint Stock Co (“Thipha”) and Dong Viet Non-Ferrous & Plastic Joint Stock Co (“Dovina”), have sold 100% equity in Thipha and Dovina to Stark Corporation PCL of Thailand, for an enterprise value of US$240m.
Thipha is a leading manufacturer of low-to-high voltage power cables & electric wires in Vietnam. It has established strong market positions across business-to-government, business-to-business market segments both domestically and overseas. Dovina manufactures copper wire, copper rod, aluminum rod and processes PVC and XLPE compound plastic products. They are among the 100 largest private companies in Vietnam.
Stark Corporation’s subsidiary Phelps Dodge International (Thailand) Co Ltd (“PDITL”), is a leading Thai and SE Asian wire and cable manufacturer.
The transaction represents the largest inbound private sector industrial transaction in Vietnam in the last three years (source: Mergermarket). It reflects the continued attractiveness of the Vietnamese domestic market, and Vietnam’s strong regional position within ASEAN.
BDA Partners was the exclusive financial advisor to the shareholders of Thipha and Dovina.
Simon Kavanagh, Managing Director & Co-Head of Industrials, BDA Partners, commented, “We’re proud to have advised the founder on his sale of Thipha and Dovina. The transaction highlights BDA’s industrial sector expertise. It’s a good demonstration of BDA working closely with successful private shareholders in Asia to identify and sell equity to the best positioned industrial partners, even when markets are turbulent. We’re pleased to have helped Thipha, a key regional player, to enter this next phase of its growth within Stark Corporation.” Huong Trinh, Managing Director & Head of the Ho Chi Minh office at BDA Partners, added, “BDA is one of the very few international investment banks that is active on the ground in Vietnam. We’ve allocated extensive resources to the country. This transaction is further evidence of the value that we can bring to Vietnamese companies seeking international investment.”
About Thipha and Dovina
Established in 1987 in Ho Chi Minh City, Vietnam, Thipha is the second largest manufacturer of electrical cables & wires in Vietnam, with a business presence throughout Vietnam and SE Asia. Dovina imports, processes and sells copper and aluminum for the production of electrical wires and cables, both in Vietnam and overseas. www.thiphacable.com
About Stark Corporation
STARK Corporation is a publicly-listed investment holding company which focuses on investment in manufacturing and services in the industrial sector. Its core subsidiary, Phelps Dodge International (Thailand) Co Ltd (“PDITL”), is a wire and cable manufacturer with a track record spanning five decades and a reputation for the highest quality and world-class standards. PDITL is a market leader in Thailand and SE Asia, and is recognized in both local and international markets in over 30 countries around the world. www.starkcorporation.com
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets. bdapartners.com
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