Morgan Joseph TriArtisan Advises China Growth Equity Investment Ltd. on Its
Merger with China Dredging and Pingtan Fishing to Become Pingtan Marine
NEW YORK -- March 4, 2013
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
"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
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
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.
Anreder & Company
Steven S. Anreder
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