Intime Retail Group
In 2005, Warburg Pincus invested in Intime Retail Group (Intime), an operator of high-quality, trendy department stores in China with a product offering targeting middle-to-upper class young urban consumers. At the time of the firm’s investment, Intime had strong competitive advantages with its store locations and competitive market position. Intime grew into a national chain of department stores through strategic acquisitions of state-owned department stores with prime properties, but low efficiencies. Warburg Pincus assisted Intime in evaluating multiple strategic and M&A initiatives and aided the company in overseas restructuring and asset optimization. Warburg Pincus’ capital markets team assisted with both the successful IPO and an RMB 1 billion bond issuance. In March 2007, Intime completed its IPO on the Hong Kong Stock Exchange and Warburg Pincus exited its investment in 2012.
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