Permira
Funds
Complete
Acquisition
of
Asia
Broadcast
Satellite
15
November
2010
Ace
Investments
1
Limited,
a
company
advised
by
the
Permira
funds,
along
with
the
Asia
Broadcast
Satellite
("ABS")
management
team
are
pleased
to
announce
that
they
have
successfully
completed
the
acquisition
of
Kingsbridge
Limited,
the
holding
company
for
ABS.
The
acquisition
represents
a
full
exit
for
Citigroup
Venture
Capital
International
Proprietary
Investment
Partnership,
L.P.
and
Citigroup
Venture
Capital
International
Co-Investment,
L.P.
(collectively,
the
"CVCI
Shareholders"),
which
have
been
the
majority
shareholders
of
ABS
since
2006,
along
with
ADM
Capital
and
certain
other
shareholders.
Founded
in
2006
by
CEO
Thomas
Choi,
ABS
has
quickly
become
one
of
the
fastest
growing
premium
satellite
operators
in
the
world.
ABS
has
grown
from
a
single
satellite
operator
in
2006
to
having
three
satellites
in
orbit
under
the
ABS
brand,
one
under
co-brand
with
a
third
party
and
two
additional
satellites
in
the
pipeline
including
the
new
state-of-the-art
ABS-2
scheduled
to
be
launched
in
early
2013.
ABS
has
enjoyed
an
impressive
growth
track
record
achieving
over
95%
utilization
on
ABS-1
within
the
first
2.5
years
of
operations,
and
approximately
20%
compounded
quarter-on-quarter
growth
in
revenue
from
2006
to
2010,
serving
over
80
customers
in
30
countries.
ABS’
prime
orbital
at
75˚E
covers
four
fifths
of
the
world’s
population,
targeting
high
growth
markets
in
Asia,
Russia,
Africa
and
the
Middle
East.
With
the
Permira
funds
considerable
investment
experience
in
the
satellite
sector,
along
with
the
current
management
team
as
significant
shareholders
in
the
company,
both
are
fully
committed
to
taking
ABS
forward
in
its
next
phase
of
growth.
ABS
is
very
optimistic
about
maintaining
its
successful
growth
with
plans
for
developing
new
orbital
locations
and
exploring
opportunities
to
expand
the
business
through
further
strategic
acquisitions.
Commenting
on
the
acquisition,
Thomas
Choi,
Founder
and
Chief
Executive
of
ABS,
said:
"As
our
company
enters
the
next
stage
of
growth
and
development,
we
are
very
fortunate
to
have
an
investor
like
the
Permira
funds
who
have
a
deep
understanding
and
a
sound
perspective
of
the
satellite
industry
landscape.
The
Permira
team
has
expressed
tremendous
confidence
in
the
ABS
management
team
and
is
committed
to
supporting
the
future
growth
of
the
company."
Richard
Sanders,
of
Permira
said:
"ABS
has
grown
very
rapidly
over
the
past
four
years
providing
satellite
services
to
fast
growing
emerging
markets.
The
demand
for
its
services
and
opportunities
for
further
expansion
are
very
significant
and
we
are
delighted
to
back
such
a
strong
management
team
as
the
business
enters
an
exciting
phase
in
its
development."
