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Nanjing New Hundred Acquisition Of British Century Old Fred

2014/4/11 9:10:00 16

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April 3rd night, < a href= "http://www.91se91.com" > Nanjing new hundred (< /a > 11.64, 0, 0%) (600682, SH) successfully completed the contract signed by the oldest British department store HouseofFraser.

The deal, which bought 89% shares at 200 million pounds, is the largest overseas acquisition of Listed Companies in China's A shares. It is also the largest retail investment overseas in Chinese enterprises.

Nanjing Xin Bai's parent company is a three cell group headquartered in Nanjing, Jiangsu.

The three groups have always been low-key, but a series of big acquisitions in recent years have caused a splash in the market.

Xinjiekou, Nanjing is known as the "first business circle of China" because of its strong consumption power.

Mr. Sun Zhongshan's bronze statue stands in the center of Xinjiekou road.

After a series of mergers and acquisitions, looking from the bronze statue of Mr. Zhongshan to the south, both sides of Xinjiekou are full of three group industries.

"P", close to the deal, said that this was the first case of the SFC [micro-blog] New Deal, the first pnational merger without pre approval, which significantly reduced the paction costs of the enterprise, and was a great encouragement to the enterprise.

acquisition of British Royal partner /p >

as the leading department store brand in Britain and Ireland, Fred has a history of 164 years and is the oldest Royal department store in Britain.

Fred is positioned in "high-end" and "fashion", providing private brands, purchasing brands and special brand products, including women's wear, men's wear, beauty, fashion accessories, household products and children's wear.

1849, the Daoguang period of the Qing Dynasty.

JamesArthur and HughFraser opened their first store in Glasgow, Scotland.

60 shops and commercial streets of FLADE operate its main business, across high traffic areas across the UK and Ireland.

The company has the royal family's approval and authorization, and is a licensed supplier of royal household products. The company CEO has been summoned by the queen several times.

Less than P, the 20 year old triad group has completed its acquisition of Fred.

With the rapid development of the three branches, the company's information shows that it is a large modern enterprise group integrating information technology, modern service industry, financial investment, business circulation, cultural media, information service, health care, and so on. Its sole proprietorship and holding enterprises exceed 100, and the total number of employees exceeds 60 thousand.

the implementation of the acquisition is one of the oldest and largest stores in Nanjing, China's Xinjiekou department store, which was founded in August 1952 and is the first listed company in Nanjing.

As a result, the three group became the first mainland buyer to enter the British department store.

before this paction, Fred was held by many institutions including Iceland bank.

Fred had twice listed on the London Stock Exchange. In 2006, Baugur, led by the Bank of Iceland, led the formation of a consortium to privatize Fred.

it is understood that the Nanjing side contacted the project at the end of 2013, and then followed up quickly.

In the third division, Huatai and Merrill Lynch were invited to jointly take charge of the acquisition.

strong > thrilling 36 hours: beat Newcastle United boss, /p >

the process of mergers and acquisitions is a twists and turns. At the last minute of the paction, Newcastle United boss and British retail tycoon Mike Ashley suddenly blocked and Nanjing successfully solved it.

local time April 2nd, a private plane from Nanjing, China, slowly landed at Luton airport in London. Yuan Yafei, chairman of the three cell group, walked down the plane calmly.

After months of planning, he waited for the final signing ceremony of the acquisition war.

Prior to that, by virtue of the strength and attraction of the Chinese market, P has succeeded in losing PK's department store and potential buyers from the Middle East.

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the aircraft, Yuan Yafei received the information is a sudden change in the situation.

Zhong Zhihao, executive vice president of the three groups, who is in charge of negotiations at the front, told Yuan Yafei that Mike, Ashley, the boss of the British retail tycoon and Newcastle united, had suddenly blocked the day before, and had already bought a 11% stake in a minority shareholder, and at the same time launched a takeover offer to other shareholders.

Yuan Yafei P decided not to go to the hotel, but immediately set out to visit other shareholders.

After 36 hours of endless negotiations and persuasion, Yuan Yafei successfully won 89% of the other shares in the attraction of China's prospect, thus realizing the absolute control of Fred.

so, despite the sudden attack, the established contract was postponed three times, but in the end, there was no danger.

It is surprising that Yuan Yafei delivered a wonderful speech in English at the signing ceremony and press conference, which not only surprised and shocked the British and the guests, but also showed the "international norm" of Chinese private entrepreneurs.

synergy and integration

People close to the deal said that in the 2013 fiscal year, the sales volume of Fred was nearly 2 billion pounds, and the amount of EBITDA (interest tax and depreciation before profit) was 61 million pounds.

In the privatization of capital operation in 2006, the company carried a high interest rate bond with a total annual interest rate of 250 million pounds, which brought 8.875% high financial costs and heavy burden on the company's net profit performance.

This is the reason why Fred's performance has been flat in recent years, and for new 100, this is where investment opportunities lie.

from a fundamental analysis, Fred is in good health, and its business mode and operation experience have many implications for Chinese local commercial enterprises, and can also produce strategic synergy with Nanjing Xin Bai.

Fred's most powerful driving force at present is her own "a href=" http://www.91se91.com/news/index_f.asp "brand" /a "sales.

It currently accounts for 14% of the total sales and a conservative estimate of 24% at 2018.

It is noteworthy that its ultra-high gross profit margin, because in the operation of its own brand, department stores have mastered the longer value chain from design to production, and their gross profit is more than 70%, which is two times that of the joint brand.

in terms of business mode, Fred has evolved from the most traditional and the most widely used joint mode of Chinese department stores to a mixed business mode of pool, buyer and private brand.

Its sales in fiscal year 2013 accounted for 53%/33%/14% respectively.

This mixed business model can not only maintain the stable cash flow from the joint venture mode, but also obtain high returns from buyers and private brand models under the condition of effective control of risks, and at the same time, it effectively achieves the purpose of the company's overall differentiation strategy.

in e-commerce, Fred's customers can order online and pick up goods in any Fred store.

This business currently accounts for 38% of total online sales, while in the nearby area, the business accounts for more than 60% of the total.

in the supply chain, 38% of its purchases are from China. If this proportion is further improved, and even using the familiarity of the three companies to the Asian market, finding a cheaper ODM supplier may further improve its gross margin.

Fred is increasing the investment in the O2O mode of the whole channel. Therefore, a lot of IT infrastructure and system maintenance investment is needed. Those who say that if the resource is pferred to China, it is expected to reduce the cost of 12 million 400 thousand pounds.

> the strategic mosaic of the three cell group /p >

In the six months before that, the three groups have implemented a series of cross-border acquisitions including Nanjing international World Financial Centre (IFC), Israel's largest pension service company Natali, and Mcglaughlin, a US listed company.

combing public reports can be found that the total amount of these acquisitions has nearly 10 billion yuan.

these mergers and acquisitions are not isolated events. They are huge industrial iceberg exposed in the market, a piece of strategic puzzle.

The three group has already covered financial investment, business circulation, cultural media, information service, health care for the aged and so on.

in the field of financial investment, Sanzi is a private partner of Jiangsu bank, Huatai Securities (8.47, -0.14, -1.63%), Zijin trust and other financial institutions. It is a partner of Softbank Sai Fu, Sequoia Capital, orient Fuhai and other famous funds.

In 2013, the three groups launched the establishment of insurance companies and private banks as the core. The financial industry platform, including Guarantee Corporation, small loan companies and leasing companies, was formally formed.

in the field of Commerce and circulation, the three companies now have 5.12 listed companies, namely, the high tech (-0.11, -2.10%) (600122, SH) and Nanjing new hundred (600682, SH) companies.

After the acquisition of the Nanjing international financial center (IFC), it also included the "China first business circle" - Xinjiekou's commercial and office property in Nanjing.

Among them, P is the largest professional IT retail and service company in China.

the three cell group is pushing forward the strategy of "hundred cities and thousands of counties" and building a complex named "Sanmen square" in various areas. At present, the projects in Jiangsu and Xuzhou have been started.

Yuan Yafei, chairman of the P group, said that diversification is a natural process in the choice of diversification and specialization.

When an enterprise grows to a certain scale within an industry, it will perceive the limit of market capacity, and the development of enterprises will naturally diversify.

Yuan Yafei said in an interview with the media: "most of the private enterprises in China do not lack the spirit of" upward ", nor do they lack the" introspection "method, but often lack the" balance "mentality.

It can be said that private enterprises often die of problems and rarely starve to death.

Therefore, "balance" is a mindset that our private enterprises should always maintain.

"P >" Yuan Yafei in the internal meeting of the three cell, the three cell group is defined as "innovation as the driving force, industry based, capital as the means" of the holding management.

a bank investment bank said that the merger and acquisition of the three subsidiaries are all based on the existing industrial entities.

For example, the separation of Nanjing IFC from the walls of Nanjing Dongfang mall, which is under the three companies, can pform tens of thousands of square meters of office property into shops and produce new value-added points. Mcglaughlin's acquisition has found a "capital landing point" for the three circles' business circle network; and three years ago, the largest domestic health Pension Company bought by Sanqi was Ankang, which is the repetition of the Israeli Natali mode in the country. This will further consolidate the "master" Natali into the bag and consolidate the leading edge.

He believes that this industry growth type M & A is different from other a href= "http://www.91se91.com/news/index_c.asp" > Enterprise < /a > in mergers and acquisitions.