Tower Capital Asia (“Tower Capital Asia” or the “Firm”) is pleased to confirm the successful completion of the previously announced sale on 4 April 2024 by Righteous Crane Holding Pte. Ltd. (“RCH”), an investment holding company owned by Tower Capital TCM Holdings L.P., Blanca Investments Pte. Ltd. (an indirect, wholly owned subsidiary of Temasek Holdings (Private) Limited) (“Temasek”), and certain members of the founding Eu family of its approximately 86% interest in Eu Yan Sang International Ltd (“Eu Yan Sang” or “EYSI”) to a consortium led by Rohto Pharmaceutical Co., Ltd. (“Rohto Pharmaceutical”) and Mitsui & Co., Ltd. (“Mitsui”) for approximately S$695 million (the “Transaction”).
The Transaction represents a momentous chapter for the Firm in its investment journey with EYSI. RCH worked closely with the Eu Yan Sang leadership to institutionalise and strengthen the business while retaining a keen focus on consumer experience and brand identity. Amidst the turbulence of macro-economic uncertainties and challenges during the COVID-19 pandemic, EYSI has emerged as a stronger, resilient, and synergised health and wellness platform – well positioned to continue its mission of “Caring for Mankind”.
Tower Capital Asia Founder and Chief Executive Officer Mr Danny Koh commented: “The completion of the sale of Eu Yan Sang is a significant milestone for the Firm and is testament to the team’s dedication in fostering transformation and growth within our portfolio companies. Tower Capital Asia is proud to have played a pivotal role in Eu Yan Sang’s evolution and we are confident that the new shareholders will continue to nurture its legacy of innovation and success.”
Richard Eu, Chairman, EYSI, remarked: “In 2016, we chose to partner with Tower Capital Asia due to their understanding of the Eu Yan Sang heritage and commitment to driving excellence. Tower Capital Asia, together with Temasek, was instrumental in elevating the EYSI brand, institutionalising operations, and established the foundation for our next chapter as a natural health and wellness brand. We are grateful for their years of partnership and look forward to continuing our journey with Rohto Pharmaceutical and Mitsui.”
About Tower Capital Asia
Established in 2016, Tower Capital Asia is a mid-market private equity firm based in Singapore. Backed by global expertise and anchored in Asian values, the Firm has led investments in the privatisation and/or buyout of Southeast Asian businesses – such as AXS, Boardroom, Eu Yan Sang and I Can Read – in close partnership with business sponsors. As of 31 December 2023, the Firm manages institutional funds across all vehicles of more than US$500 million.
About Eu Yan Sang
Eu Yan Sang, founded in 1879, is a leading integrative health and wellness company with a unique heritage in Traditional Chinese Medicine (“TCM”) that operates over 170 retail outlets and 30 TCM clinics in its core Singapore, Hong Kong, and Malaysia markets. Eu Yan Sang also has a significant network across 29 markets, including manufacturing capabilities in Malaysia and Hong Kong.
Through its comprehensive and modern product portfolio, combined with a strong emphasis on continuous product innovation, Eu Yan Sang seeks to empower customers to live their best quality of life by providing health and wellness solutions rooted in TCM wisdom.
About Rohto Pharmaceutical
ROHTO’s corporate purpose is to lead all individuals and society to a state of well-being by delivering health to people around the world through its products and services. The development of its business in line with this purpose is guided by its business domain vision 2030, which calls for further expansion and reinforcement of its core business activities in the areas of OTC pharmaceuticals, skincare products, and other food items. It has also been focusing on business expansion in the areas of medical ophthalmology, regenerative medicine, and contract pharmaceutical development and manufacturing.
About Mitsui
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries.
The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders.
Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials, providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition.
