V3 reorganises its structure ahead of HK IPO
Group will now comprise 3 core units - V3 Brands, V3 Capital and V3 Assets
Singapore
V3 GROUP on Tuesday (Mar 8) announced a new group structure ahead of the initial public offering (IPO) of V3 Brands Asia, the subsidiary which holds the OSIM business.
The group will now comprise 3 core business units - V3 Brands, V3 Capital and V3 Assets - which hold its assets in the well-being, luxury gourmet, capital markets, real estate and integrated healthcare services segments.
V3 Brands will hold V3 Brands Asia, wellness supplements brand LAC, store fixtures specialist Futuristic Fixtures and a stake in halal-certified cheesecake retailer Cat & the Fiddle. This business unit also owns the V3 Gourmet unit - which holds brands such as TWG Tea, Bacha Coffee and Le Cabestan in Casablanca, Morocco.
V3 Brands Asia recently filed an application for an IPO on the mainboard of Hong Kong's exchange. The group's HK listing application lapsed in 2018, 2 years after OSIM International was delisted from the Singapore Exchange.
The remaining business units - V3 Capital and V3 Assets - will respectively be an equity investment vehicle and the unit which holds the group's interests in real estate and integrated healthcare services.
V3 Assets is a significant shareholder in Perennial Holdings - which focuses on large-scale mixed-use developments in Asia. Perennial is also an integrated healthcare service owner, operator and provider in China.
Meanwhile, V3 Capital will "seek thematic investment opportunities" in the global markets. It has a mandate for both traditional and alternative investments. V3 Group said the unit has the flexibility to engage with a range of structures and vehicles and will maintain a "deal-ready posture" to help the group create value.
V3 Group executive chairman Ron Sim said the group's brands and businesses performed well in 2021, underscoring the group's growth potential and resilience despite the ongoing global pandemic.
"The establishment of our key business units will further sharpen our business building approach, strengthen our focus, and give us added flexibility as we pursue growth," Sim added.
Private equity firm KKR said in end-2018 that it would invest up to S$500 million in V3 and take a "significant stake" in the company. The move valued V3 at an enterprise value of about S$1.7 billion at the time.
KKR partner Jaka Prasetya said: "We strongly believe in the continued growth of Asia's consumer sector. This reorganisation by V3 Group will further enhance its ability to build brands and capture opportunities across Asia and beyond."
