Factbox: The protagonists in the Grindr story

Life Concepts Holdings

29/03/2021 11:00

By Echo Wang
    March 29 (Reuters) - The parties involved in the $620
million sale last year of dating app Grindr Inc gave information
to a U.S. national security panel that contradicted disclosures
to potential investors and Chinese regulators, Reuters reported
on Monday.  urn:newsml:reuters.com:*:nL8N2KS07Y
    Many of these discrepancies center on ties between the
acquirer, Chinese-American businessman James Lu and his investor
group dubbed San Vicente Holdings LLC, and the seller,  Beijing
Kunlun Tech Co Ltd  300418.SZ , and its adviser at the time,
Ding'an Fei.
    Here are some details on the main actors behind the Grindr
deal.
    
    BEIJING KUNLUN
    One of China's largest mobile gaming companies, Kunlun
acquired a majority stake in Grindr in 2016 for $93 million,
then bought out the remainder of the company for $152 million in
2018.
    Founded in 2008 by Tsinghua University graduate Zhou Yahui,
Kunlun was part of a buyout consortium that acquired Norwegian
internet browser Opera Ltd for $600 million in 2016.
    
    SAN VICENTE 
    San Vicente is an investor group that comprises three
investors. U.S. basketball team Atlanta Hawks co-owner Michael
Gearon owns 42% of San Vicente, investment firm Tiga Investments
CEO Raymond Zage owns 41%, and James Lu owns 17%, according to
internal documents reviewed by Reuters.
    Zage is also the founder of three special purpose
acquisition companies. Gearon owns 28th Street Ventures LLC, an
Atlanta-based family office.
    
    JAMES LU
    A former NASA software engineer, Lu is chairman of Grindr.
Before becoming a member of San Vicente, he tried to raise money
to acquire Grindr through other vehicles, including Duo Capital
and TGL Capital. He served as chief executive of Chinese
restaurant operator Life Concepts Holdings Ltd  8056.HK  while
Fei was a member of its board.
    
    DING' AN FEI
    Fei was advising Kunlun on the sale of Grindr alongside
investment bank Cowen Inc  COWN.O , according to documents
reviewed by Reuters. A former employee of private equity firm
Warburg Pincus, Fei had advised Kunlun in acquisition of Grindr
over two transactions in 2016 and 2018. 

 (Reporting by Echo Wang in New York
Editing by Greg Roumeliotis and Edward Tobin)
 ((E.Wang@thomsonreuters.com;))