Marbury is pleased to support Templewater and Investec Bank plc, as administrator for each of Bowen SP and Templewater I, L.P, and the Project Bravo investment structure for the acquisition of New World First Bus Services Limited (NWFB) and Citybus Limited (Citybus) from NWS Holdings Limited for HKD3.2 billion.
Templewater Bravo Holdings Limited (Templewater Bravo) together with its operating partner Ascendal Group Limited, and its investor partner Hans Energy Company Limited lead an international consortium in the acquisition of NWFB and Citybus.
NWFB and Citybus have more than 5,000 employees in total, operating around 200 routes with a fleet of more than 1,700 buses and are proud to serve about 1 million passenger trips a day in Hong Kong. They are committed to providing Hong Kong with the best possible bus service.
Templewater Bravo is an investment holding company advised, managed and controlled by Templewater I, G.P., which is wholly-owned by Templewater Holdings Limited (Templewater). Templewater is an alternative investment firm founded by Investec Bank plc and Mr. Cliff Zhang. Templewater Bravo will own more than 90% of NWFB and Citybus post acquisition.
Cliff Zhang, CEO and Founding Partner of Templewater, expressed his pleasure at the completion of the deal: “We are delighted after the hard work and hurdles overcome to see this deal complete. We operate in a fast moving and complex environment and we are delighted also to have providers like Marbury who support us across all of our fund management activities on an ongoing basis.”
Templewater Managing Partner Mr. Nicolas de Mascarel said of Project Bravo, “The professional management team at NWFB and Citybus has been unwavering in its commitment and service pledge to passengers. We believe that this resilience will see the business through its current difficulties and we are proud and excited to be part of their journey going forward. Our long term vision for NWFB and Citybus is to put the community we serve and our people at the heart of the business.”
Marbury has closely supported Investec and Templewater since 2017, providing a full range of corporate, acquisition and fund services support, including onboarding, fund accounting, investor services, and AEOI and AML compliance. Marbury’s flexibility and commercial approach together with high quality service have been a key feature contributing to the strength of the relationship. Project Bravo marks the sixth successful collaboration between the parties.
Nicolas de Mascarel, who also acts as Hong Kong Country Head for Investec Capital Asia Limited, commented “Marbury have consistently delivered highly efficient solutions and support to our business so that we can focus on driving results for our investors.”