Yuan Yafei, A Group Of Three Companies, Bought House Of Fraser Insider.

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "_blank" > shoes "< hat > net" to introduce the details of the acquisition of Yuan Yafei.

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< p > details of Yuan Yafei group's acquisition of House of Fraser (hereinafter referred to as HoF).

HoF was founded in Qingdao light year as a licensed supplier of royal household products.

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< p > 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.

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< p > 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.

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< p > April 3, 2014 evening, a source told the first Financial Daily reporter that Nanjing Xin Bai (600682.sh) has successfully completed the signing of the House of Fraser company, the oldest British department store.

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.

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People close to the P said to the first Financial Daily reporter that this is the first case of the first cross-border merger and acquisition without prior approval after a series of new policies released by the SFC. This significantly reduces the paction costs of enterprises and is a great encouragement to enterprises.

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< p > < strong > acquisition of British Royal partner < /strong > /p >

< p > as the leading department store in Britain and Ireland, < a href= "http://www.91se91.com/news/index_f.asp" > brand < /a >, HoF has a history of 164 years, and is the oldest Royal department store in Britain.

HoF is located in "high-end" and "fashion", providing its own brands, purchasing brands and special brand products, including women's wear, men's wear, beauty, fashion accessories, household products and children's wear.

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< p > 1849, the Daoguang period of the Qing Dynasty.

James Arthur and Hugh Fraser opened their first store in Glasgow, Scotland, and the history of HoF was opened.

At that time, the British Industrial Revolution was initially completed, and the new empire was in the ascendant era. Empire's business was the leader of the world's business.

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< p > in fact, in the 1.5 century since the completion of the industrial revolution, Britain has been sitting on the widest colonies and its afterglow. It has always been a hub of Commerce and finance.

Luxury and elegant lifestyle are the main characteristics of imperial life.

Therefore, the commercial organization represented by HoF can be regarded as the comparative advantage of the United Kingdom (compared with Michael Porter's analysis, the Germans are simple and pay attention to science and technology and industry, so the comparative advantage is not in the consumption field, but in the industrial field).

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Under P > HoF, 60 shopping malls and commercial streets operate their main businesses, across high traffic areas across the UK and Ireland.

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

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"P", and the Chinese side, it is from the Daoguang year, has experienced a rapid rush of "historical Three Gorges", business is like leaving the grass, in the wild fire and spring breeze in the cycle of bumpy.

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

Commercial power seems to be undergoing some historic shift.

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< p > cell development is fast. According to the company's information, 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 are more than 100, with a total number of employees exceeding 60 thousand.

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< p > 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.

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< p > before the paction, HoF was held by many institutions including Iceland bank.

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

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People with the above P said to the first Financial Daily reporter 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.

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< p > < strong > defeats Newcastle United boss, < /strong > /p >

< p > closer to this paction, the reporter told us that the acquisition process was twists and turns. At the last minute of the paction, Newcastle United boss and British retail tycoon Mike Ashley suddenly blocked, and Nanjing successfully resolved it.

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< p > local time April 2nd, a private plane from Nanjing, China, slowly landed at Heathrow Airport. 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.

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

Zhong Zhihao, executive vice president of the three group group at the front line, told Yuan Yafei that Mike Ashley, the boss of the British retail tycoon, had suddenly blocked the day before. Mike Ashley had already bought a 11% stake in a small shareholder and initiated a takeover offer to other shareholders.

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P, a British businessman who has a sense of history and has always been known as a gentleman, is not reconciled to the Empire's oldest department store with royal glory being bought and sold by Chinese people.

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

After a day's convincing, under the attraction of China's future, Yuan Yafei successfully won 89% of the other shares, thus achieving absolute control over HoF.

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< p >, so the established contract was dragged away for a day by the sudden sniping war, but in the end, there was no danger.

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< p > < strong > synergy and integration < /strong > < /p >

People close to the deal told us that in the 2013 fiscal year, HoF's sales amounted to nearly 2 billion pounds, and the amount of EBITDA (interest tax and depreciation before profits) amounted to 61 million pounds. P

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 HoF has been flat in recent years, and for new 100, this is where investment opportunities lie.

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< p > Nanjing believes that in combination with the current market interest rate, through debt restructuring, it is easy to obtain lower cost funds. The replacement of HoF high interest loans can enable HoF to make profits in the short term.

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< p > in addition, the depreciation and amortization of luxury decoration also engulfed part of the profits of HoF. In this regard, Nanjing's new 100 sides said that it would be necessary to reinvest HoF in e-commerce and decoration, which will significantly improve its profitability.

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< p > from the basic analysis, HoF is in good health. Its business mode and operation experience have many implications for Chinese local commercial enterprises, and can also produce strategic synergy with Nanjing Xin Bai.

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< p > HoF the most powerful driving force for profit now is private brand 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.

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< p > in terms of business mode, HoF has evolved from the most traditional and the most widely used joint mode of Chinese department stores to a mixed business model of joint ventures, buyers and private brands.

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.

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< p > in e-commerce, HoF customers can order online and pick up goods in any HoF 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.

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< p > in the supply chain, 38% of its purchases are from China. Those close to the paction said to the first Financial Daily reporter that if the ratio is further improved, and even using the familiarity of the three companies to the Asian market, looking for lower cost ODM suppliers may further improve their gross margin.

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< p > HoF is increasing its investment in the full channel O2O mode. Therefore, a lot of investment in IT infrastructure and system maintenance 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.

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Song Wenge, Professor of capital management research center of Nanjing University of Finances and Economics, said in an interview with our reporter that enterprise internationalization is an important tool for a country to win the international competitive advantage and gain the right to dominate the global resources. P

The acquisition of foreign sales channels by Sanzi will affect the structure and mode of China's export products, and has a higher strategic level compared with simple export trade.

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< p > Song Wenge believes that post merger operation integration is the main challenge facing the three companies, which depends on talent support.

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"P >" international merger and acquisition integration is not easy, and many Chinese enterprises are scarred after going out.

Management coordination, cultural integration, fund allocation and so on, many problems will come out in running in.

This series should be supported by talents.

Talents' professional competence and enterprise talent mechanism are important questions for Chinese enterprises.

Song Wenge said.

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< p > < strong > > the strategic mosaic of the three cell group < /strong > /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.

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

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

The above acquisitions correspond to the layout of pension industry, smart city and commercial retail.

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

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< p > in the field of financial investment, Sanzi is a private shareholder of financial institutions such as Jiangsu bank, Huatai Securities, Zijin trust and so on. 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.

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< p > in the field of business circulation, the three companies now have two listed companies: 600122.SH and Nanjing 600682.SH.

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.

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

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< p > 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.

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Yuan Yafei, chairman of the P group, said in an interview with the first Financial Daily reporter that diversification is sometimes 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.

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< p > interestingly, although Yuan Yafei is undertaking billions of scale expansion mergers and acquisitions, he is not keen on enterprise expansion.

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< p > 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.

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"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.

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< p > an investment banker told our reporter that the "a href=" http://www.91se91.com/news/index_cj.asp "M & a" /a "by Sanzi is a cooperative acquisition based on the existing industrial entities.

For example, the separation of Nanjing IFC from the walls of Nanjing Oriental Shopping Mall under the three branches of the company will make 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 kind of industrial growth M & A is different from other enterprises in M & A.

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