[SatNews] Ace Investments 1 Limited, a company advised by the Permira funds, along with the Asia Broadcast Satellite ("ABS") management team, announce that they have successfully completed the acquisition of Kingsbridge Limited, the holding company for ABS.

The acquisition represents a full exit for Citigroup Venture Capital International Proprietary Investment Partnership, L.P. and Citigroup Venture Capital International Co-Investment, L.P. (collectively, the “CVCI Shareholders”), which have been the majority shareholders of ABS since 2006, along with ADM Capital and certain other shareholders.

Founded in 2006 by CEO Thomas Choi, ABS is one of the fastest growing satellite operators in the world. ABS has grown from a single satellite operator in 2006 to having three satellites in orbit under the ABS brand, one under co-brand with a third party, and two additional satellites in the pipeline, including the new state-of-the-art ABS-2 scheduled to be launched in early 2013. ABS has enjoyed an impressive growth track record achieving more than 95 percent use on ABS-1 within the first 2.5 years of operations, and approximately 20 percent compounded quarter-on-quarter growth in revenue from 2006 to 2010, serving more than 80 customers in 30 countries. ABS’ prime orbital at 75 degrees East covers four-fifths of the world’s population, targeting high growth markets in Asia, Russia, Africa and the Middle East.

With the Permira funds considerable investment experience in the satellite sector, along with the current management team as significant shareholders in the company, both are fully committed to taking ABS forward in its next phase of growth. ABS is extremely optimistic about maintaining its successful growth with plans for developing new orbital locations and exploring opportunities to expand the business through further strategic acquisitions.