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What We Do


Deploy seasoned PE operators as interim management solutions or advisors to your fund / portfolio Cos.

… together we build operating muscle with

enduring impact on financial results

How we operate


  • We are NOT consultants … we are problem-solvers

  • We thrive in situations of ambiguity where our roles are blurry

  • We bring deep functional / industry “spikes” in key areas

  • We each average ~30 years of senior leadership roles in industry and PE

  • We not only “think like” PE investors … we look for opportunities to invest alongside you and / or receive fees on equity>cash basis

PE Ops Intervention:
“The Goldilocks Approach”

Proven to work…

  • Mix of generalist & specialist expertise

  • Ops team should be ready & available as interim execs on moment’s notice

  • … yet Ops team normally operating entirely in shadows

  • PE Ops advisors must all be seen as peers to CEO or direct reports

  • Reward structure for Ops advisors aligned with management and deal team

  • Recover costs as fully as possible from management teams … but management understands that Ops is ultimately serving the PE sponsor

Recipe for trouble…


  • Heroics … working at cross-purposes to the CEO

  • The moles … “we’re here to help”

  • Ops team “captured” by management

  • Ops team becomes part of org’s “wallpaper”, supporting marginal initiatives

  • Scope / deliverables over-defined … engagement is transactional

  • "Deal guys” assuming operating roles unless in exceptional circumstances (i.e., where they bring specific functional / industry spikes)

Transforming PE- and Family-owned SMEs

Typical Engagements
What we love most: raising the game at Founder-led but process-lite SMEs

Typical Engagements
Who We Are


CMA Pacific Partners (HK) Ltd.


20/F, One International Finance Centre

1 Harbour View Street

Central Hong Kong

Tel: +852-9103-0263  

Fax : +852-2810-8045


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Carlos M. Aquino 

Founder, Managing Director


Carlos M. Aquino is founding Managing Director of CMA Pacific Partners, based in Hong Kong. He established the firm in 2002 and has served as a Senior Advisor to a wide range of PE firms in Asia-Pacific, most notably TPG, BPE, PAG, CVC, NSSK, and CITIC. He has also advised a wide variety of founder / family-led SMEs in the region, in addition to many PE portfolio companies in both industrial and consumer products and services sectors.


Mr. Aquino’s recent history includes: 

  • Member of the Board: Myanmar Distillery Company (MDC): #1 maker / distributor of spirits in Myanmar

  • Member of the Board: HCP Packaging (China): world's #3 primary-package supplier to the cosmetics industry

  • Member of the Board: TPG Wholesale Private Ltd (India): franchisor for Vishal MegaMart, the #2 hypermarket chain 

  • Strategic advisor: e.l.f.: fast-growing US cosmetics brand, upgrading their China sourcing / supply chain operation


  • Board Chairman & Director at Avon Japan

  • Board Director at NIS Japan: a non-bank financial services company serving the property sector  

  • Senior Advisor to the Board at TakaraTomy: #2 toymaker in Japan 

  • Senior Advisor to the Board at Hanaro Telecom: #2 fixed-line telco in Korea


Previous executive positions:

  • Vice President, 3COM international service business

  • Head of GE Medical Systems’ Asia sourcing and eBusiness operations (based in Japan)   

  • Strategy / operations consultant, Booz & Co. (formerly Booz-Allen & Hamilton – based in New York) 

  • Aerospace industry marketing executive


Mr. Aquino received his undergraduate degree from the University of Michigan and a Masters of Public Affairs (International Relations) from Princeton University.  He is a GE-certified Six Sigma expert.


Hyun Jae Choi 



Hyun Jae ("HJ") based in Seoul, established “Reliable” in 2007 as a boutique corporate finance advisory firm, and is currently the Managing Partner of Solas Finance.

Prior to 2007, HJ was President and Country Representative of GE Commercial Finance, where he managed an asset book of over US$1B.

From 1999 to 2003, HJ was President and Country Representative of Cerberus Capital Korea, a major US based private equity and buy-out fund, where he was responsible for investment in assets with face value in excess of US$1.5B, working in partnership with Goldman Sachs, Morgan Stanley, and others.

Prior to 1999, he was Head of the Corporate Finance Group at ABN Amro Bank N.A., managing a credit book in excess of US$1.2B.  During the period 1982 to 1996, HJ held various management roles at Chase Manhattan Bank N.A., including Chief Executive Relationship Management.

HJ has a BA in Economics from Sogang University, Korea (1982), and a Masters in Business Administration, also from Sogang University (1989)

Richard Juhel



Richard founded his own M&A advisory firm ( in early 2012.  Since then he has focused on the health and beauty sectors, serving both brands and component / formulation suppliers looking to expand their existing operations in Europe.


Richard has a strong operational background in healthcare and cosmetics. For Rexam Pharma, he served as a plant manager for more than four years, head of Manufacturing Strategy at Group level, M&A Integration Manager in the USA, and head of ERP. Prior to Rexam, Richard worked for Risdon AMS, CarnaudMetalBox, and CrownCork & Seal.


Based on his 25 years in the industry, Richard has built a proprietary database profiling the strategies, operations, and leadership of more than 1600 Companies. His M&A advisory practice is driven by sustained engagement with business owners which enables him to offer highly relevant and rich target lists to his industry buy-side clients.

Richard has an Engineering degree in Mechanics, which he completed together with a Finance course at INSEAD. Richard is based in Paris but travels continuously thru Italy and Spain, the 3 markets where his network is deepest. Richard is fluent in French, English, and Italian.


Richard and CMA have partnered for years in successful pursuit of beauty sector target companies in EU, on behalf of Chinese clients.

Olivier Maitre 



Olivier Maitre specialises in bringing human capital solutions to complex business situations. Olivier combines more than 25 years experience as senior HR executive across the globe and across industries with 5 years as Associate Partner in Change Management and People Strategy in Accenture. He has been based in Asia for the last 10 years.


Mr. Maitre’s experience and history includes:

  • Founder and CEO of Thymus Consulting, a boutique HR firm focusing on improving business performance through people solutions

  • Head of HR, Carlsberg Group, Asia: from setting up operations in Myanmar to designing and conducting Post Merger Integration for a State Owned Enterprise in China, and from coaching CEOs to building talent pipeline.

  • People advisor, M&A and business transformation, HSBC: acquisition, divestment, and reorganisation of multiple Banking Assets across Asia

  • Head of HR, Schlumberger, multiple business units and across the world: development of creative HR initiatives to generate business value


Mr. Maitre holds an Executive Master degree in Change Management from Oxford Said Business School and HEC in Paris, and an MSc in Human Resources Management from IGS. He’s also a Member of the Board of ATTA, Asia Transformation and Turnaround Association. 

Jonathan Price 



Jonathan Price brings over 30 years of global experience in the consumer industry. Currently he is Senior Operations Advisor to TPG Capital, working with numerous TPG consumer portfolio companies across Asia-Pacific and the Middle East. He also serves as a non-executive director and advisor to India’s Vishal MegaMart franchise operator.


Mr. Price’s experience and history includes:

  • Founder and CEO of JOLSADOMA:  transformational retail change consultancy.  Clients include RedMart (Singapore’s # 1 online grocer) and The Body Shop Indonesia

  • Group Managing Director, Al-Futtaim franchises:   Marks & Spencer, John Little, and Robinson brands.  Managed Asian and Middle East operations

  • Managing Director, The Body Shop, Asia Pacific

  • President, Targus,  Asia Pacific

  • Vice-President , Gateway Computers, Asia

  • Marks & Spencer PLC; 15 year tenure spanning various roles including leading the International Franchise Group in Hong Kong where he managed the APAC franchises across 14 countries


Mr. Price was educated in the UK and attended INSEAD in Fontainebleau.


We bring a very WIDE range of industry experience
across all key Asia-Pacific markets… and beyond

Contact Us

CMA Pacific Partners (HK) Ltd.


28/F AIA Central
One Connaught Road,

Central, Hong Kong

We look forward to
partnering with you...


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