China Growth Receives Advice on Its Merger with China Dredging

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..

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.

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Press Release, March 4, 2013