SAN FRANCISCO, July 19, 2011 /PRNewswire/ -- Lombard Investments and Actis announced today that they have completed a successful exit of their investment in Asia Books, Thailand, through a strategic sale to BJC International Company Limited, Thailand, a wholly owned subsidiary of Berli Jucker Public Company Limited. Asia Books is Thailand's dominant retailer of English language books and magazines and operates 65 outlets nationwide.
Lombard acquired 100% of Asia Books in 2006 when the company operated 33 locations and was underperforming. Mr. Surasak Khaoroptham, a senior Lombard principal, was seconded to Asia Books as Chairman and Acting CEO to lead a complete strategic, operational and financial restructuring, and after implementing improvements that helped turn around the company, in 2007 merged Asia Books with Distri-Thai, its chief competitor controlled by Actis. Over the next several years, the merged entity strengthened its branch network, streamlined its operations, and launched its eBooks Store, a 500,000 title online bookstore.
Chairman Khaoroptham said, "The Asia Books team has worked very hard with Lombard and Actis to create a strong and disciplined retail operation, and overcame several significant challenges on its way to success. The company is now well positioned to use its operating platform to achieve further growth under its new owner, Berli Jucker."
About Lombard:
Lombard is a leading international private equity investment manager with offices in Bangkok, Hong Kong and San Francisco, and extensive working relationships in Manila, Ho Chi Minh City, Shanghai and Taipei. Formed in 1985, Lombard has made more than 90 controlling and significant minority investments throughout Asia and North America. The firm's investors include some of the world's largest and most respected financial institutions, major pension funds and corporations, as well as family investment offices in Asia, North America and Europe. The investment in Asia Books was made through Lombard's Thailand Equity Fund. (www.lombardinvestments.com)
About Berli Jucker Public Company Limited:
Berli Jucker Public Company Limited ("BJC"), was incorporated in Thailand in 1882, and became one of the first seven companies listed on the Stock Exchange of Thailand following its 1974 IPO. Representing more than 200 business partners in over 30 countries, BJC is a leader in marketing, distribution and manufacturing of industrial, consumer and healthcare products in Southeast Asia. BJC reported sales of US$900m for 2010, and operates throughout Thailand, Singapore, Hong Kong, Myanmar and Vietnam, employing more than 7,000 professionals. BJC is part of the Thai Charoen Corporation Group, one of the largest conglomerates in Asia.
SOURCE Lombard Investments
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