CICC-TPG fund acquires French auto supplier
China Synergy Fund, the dual currency investment vehicle established earlier this year by TPG Capital and CICC Capital, has agreed to acquire Electropoli, a provider of surface treatment services, from French automotive conglomerate Impala Group.
Trail Capital, a Paris-based private equity firm, also participated in the transaction, according to a release. Financial details have not been disclosed. China Synergy will help Electropoli expand into the Chinese market, with the goal of bringing high-quality products and services to Chinese clients and raising environmental protection standards in China’s service treatment industry.
Electropoli was founded in 1954 and has seven manufacturing sites in France, the Czech Republic, and Poland, along with an R&D center in France. It provides metal treatment services for functional and cosmetic improvement, with a primary focus on the premium segment of the automotive industry. Customers include Fiat, Opel, Toyota, Ford, Renault, and Mercedes. The company also serves clients in the aerospace, defense, and energy industries.
China Synergy Fund was launched in January with a remit to make investments in US dollars and renminbi. The fund targets investment opportunities both within China and overseas, seeking companies that can benefit from key trends in the Chinese economy and leveraging the sponsors’ cross-border investment and business development experience.
TPG and CICC have not clarified how the platform will be funded, either as a standalone entity or from existing pools of capital managed by the participants.
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