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Pioneer to go private with BPEA
On December 7, Pioneer and Baring Private Equity Asia (BPEA), a global private equity firm that is one of the largest investors in Asia, agreed to the Pioneer Revitalisation Plan, which in practical and financial terms is a JPY 102 billion (EUR 798 million) commitment.
The revitalisation plan comprises JPY 77 billion (EUR 602.5 million) of investment by BPEA in Pioneer and a cash offer to existing Pioneer shareholders of about 25 billion (EUR 195.5 million). In the first quarter of this fiscal year, Pioneer experienced challenging financial results with cashflow declines. The company's earnings report included a note acknowledging uncertainties. Related to this, Pioneer began exploring a range of measures for companywide management reforms. "It was during that process that Pioneer chose BPEA as our sponsor to assist with reforms. After deep discussions between both parties, we concluded that it would be best to take Pioneer private. This is because we recognised that to ensure business continuity and return Pioneer to growth in the medium- and long-term, it is vital to swiftly overhaul our organisational structure and review our business portfolio. We also recognised that, given the challenge of achieving near-term profitability, taking the company private represents the best option for Pioneer," Koichi Moriya, Pioneer's President and CEO, explains in an announcement. As a result of this, subject to shareholder approval and the completion of required filings, BPEA will invest in Pioneer and take Pioneer private, making the company a 100%-owned subsidiary of BPEA.
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