Affinity, Unitas launch second round of Beijing Leader auction
Affinity Equity Partners and Unitas Capital have advanced ABB and Schneider Electric to the second round of the auction process for portfolio firm Beijing Leader & Harvest Technologies. The PE firms are aiming to raise as much as $700 million, Reuters reported.
Beijing Leader, an energy-saving company that claims to be a leader in China's medium-voltage variable frequency drive segment, first went on the block in March. The company was estimated to be worth $500 million. At the time, global energy and engineering players including AG Engineering and Emerson Electric joined ABB and Schneider in the auction's first round. Deutsche Bank has been the sale's arranger.
Affinity and Unitas jointly acquired 94% of Beijing Leader & Harvest Technologies for $200 million in 2009, the year that Beijing Leader claimed 10% market share in its niche.
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