Deal Desk

M&A deals, 5 November 2026

5 November 2026 · 5 deals

Our view: strategic and regional buyers are acquiring control of specialist businesses to gain capability, reach or a platform, so founders should prepare for partial or staged sales by separating business lines and negotiating performance terms as carefully as price.

1. Singapore · Food manufacturing · US$30.47 million

   Anjoy Foods Group to buy 60% of Singapore frozen bakery maker IFC

   Anjoy Foods Group has agreed to acquire 60.0005% of Singapore-based International Foodgnostics Corporation Pte. Ltd. (IFC), which develops, manufactures and sells frozen cakes, breads and related products, for US$30.47 million in cash. IFC reported audited 2025 revenue of SGD 98.63 million and net profit of SGD 5.50 million, and the agreement sets a cumulative attributable-profit target of SGD 18.01 million for 2026 to 2028, with compensation obligations borne by the two continuing minority shareholders.

   The Growth Alliance Capital view

   a listed Chinese consumer group is buying control of a Singapore food manufacturer as a base for Southeast Asia rather than building one from scratch. The structure is the lesson for founders: a 60% sale with a retained minority, a three-year profit commitment backed by the remaining shareholders and a conditional further tranche ties part of the value to post-deal performance. Sellers should negotiate the profit target and the compensation mechanics as hard as the headline price.

   Source: EqualOcean

2. Asia · Asset management · around 2.5 million US dollars

   Capital Alliance to buy 51% of fund manager Asia Frontier Capital

   Sri Lanka's Capital Alliance Holdings (CAL) will acquire a 51 percent majority stake in Cayman Islands-incorporated asset manager Asia Frontier Capital Ltd (AFC) for around 2.5 million US dollars, through its wholly-owned subsidiary CAL Global Pte Ltd, in a transaction entered into on November 2. AFC runs frontier-focused funds and managed around 125 million US dollars in assets under management as of September 30, and completion remains subject to certain conditions precedent.

   The Growth Alliance Capital view

   regional financial groups are buying majority control of specialist managers to gain reach and access to global capital flows, so boutique financial firms in the region have buyers beyond the usual global names. For founders of small, capital-light businesses, a majority sale to a regional acquirer, rather than a full exit, is a practical way to scale.

   Source: EconomyNext

3. Asia · Financial services (M&A advisory)

   Natixis buys Tokyo M&A adviser Sangyo Sosei Advisory

   Natixis, the corporate and investment banking arm of French lender BPCE, agreed to buy Sangyo Sosei Advisory, an independent financial services firm in Tokyo, marking its entry into Japanese merger advisory. The deal brings in a team of bankers, including co-founder Gary Chan, a former UBS managing director, who will oversee the new business.

   The Growth Alliance Capital view

   global banks are buying local teams to get closer to Japan's dealmaking, so Japanese acquirers will be better advised when they look abroad. Southeast Asian founders should expect Japanese approaches to arrive well prepared, and should bring diligence-ready numbers and data rooms to match.

   Source: The Star (Bloomberg)

4. Global · Aviation services

   ORIX Aviation completes acquisition of aftermarket specialist AerFin

   ORIX Aviation has completed its acquisition of AerFin, the aviation aftermarket specialist that buys, sells, leases and repairs aircraft, engines and parts. AerFin is now a wholly-owned subsidiary of ORIX Aviation.

   The Growth Alliance Capital view

   strategic buyers pay to fill gaps in their value chain, and service businesses next to a large asset base are prized targets. Founders of specialist engineering and maintenance companies in the region should identify which asset owners would gain most from owning their capability, because that is usually where the strongest bid comes from.

   Source: AerFin

5. Global · Rail technology

   Siemens completes purchase of key MERMEC rail businesses

   Siemens has completed its acquisition of several key MERMEC Group businesses in signalling, diagnostics and related areas, which join Siemens Mobility about five months after the deal was announced. The transferred businesses employ about 1,700 people and generated roughly €430 million in fiscal 2025 revenue, and the transaction does not include the whole MERMEC Group.

   The Growth Alliance Capital view

   carve-outs let large strategic buyers take exactly the capability they want and leave the rest, so a seller can realise value by separating its best units cleanly. Founders with group structures should make sure each business line has its own accounts, contracts and people, because a buyer may want only part of the group.

   Source: RailTarget

Deal Desk summarises publicly announced transactions from the sources linked. "The Growth Alliance Capital view" is our opinion, not investment advice, and implies no involvement in any transaction mentioned.