Morgan Joseph TriArtisan Advises China Growth Equity Investment Ltd. on Its Merger with China Dredgi
Morgan Joseph TriArtisan Advises China Growth Equity Investment Ltd. on Its Merger with China Dredging and Pingtan Fishing to Become Pingtan Marine Enterprise Ltd.
NEW YORK--(BUSINESS WIRE)-- Morgan Joseph TriArtisan LLC, an investment and merchant bank, advised China Growth Equity Investment Ltd., a special purpose acquisition company (SPAC), on its merger with China Dredging Group and Merchant Supreme's PRC operating subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. ("Pingtan Fishing"). The combined entity is named Pingtan Marine Enterprise Ltd. China Dredging is one of the leading independent (not state-owned) providers of dredging services in the PRC, and Pingtan Fishing is a fast growing fishing company and provider of quality seafood in the PRC. The transaction is valued at over US$770 million.
"As a result of this business combination, Pingtan Marine Enterprise is well positioned to execute on its long-term growth strategy and utilize a public currency to support continued growth," said Xinrong Zhuo, Pingtan Marine Enterprise's new Chief Executive Officer. Mr. Zhuo previously served as Chairman and Chief Executive Officer of China Dredging Group and Pingtan Fishing.
"We are delighted that the formation of Pingtan Marine Enterprise will enable Pingtan Fishing to continue its dramatic growth by expanding its fleet funded by the steady cash flow of one of China's largest independent dredging businesses," said Xuesong Song, Pingtan Marine Enterprise's Director. Mr. Song previously served as Chairman and Chief Financial Officer of China Growth Equity Investment.
Morgan Joseph TriArtisan initiated the merger and advised China Growth Equity Investment Ltd. on the transaction. Dennis Galgano, Vice Chairman, led the team which included Tina Pappas, Managing Director, Alice Feng, Vice President, and Chuan "Terry" Qian, Associate.
About Morgan Joseph TriArtisan LLC
Morgan Joseph TriArtisan LLC (www.mjta.com) is an investment and merchant bank engaged in providing financial advice, capital raising and private equity investing. The firm's services include mergers, acquisitions and restructuring advice, in addition to private placements and public offerings of equity and debt.
About Pingtan Marine Enterprise Ltd.
Pingtan Marine Enterprise Ltd. ("Pingtan Marine" or the "Company") engages in dredging services for the China infrastructure market, and ocean fishing within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Based on the number and capacity of the dredging vessels it operates, Pingtan Marine is one of the leading independent (not state-owned) specialist subcontractor, performing dredging services for other companies licensed to function as general contractors. The Company engages in ocean fishing with its self-owned vessels and is a fast growing fishing company.
KEYWORDS: United States Asia Pacific North America China New York
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