Darby mezzanine fund exits China furniture manufacturer
Darby Private Equity, the private equity arm of Franklin Templeton Investments, has exited its holding in Chinese furniture manufacturer Shayne International Holdings for an undisclosed sum.
This is the eighth exit from Darby Asia Mezzanine Fund II, which launched in 2005 and completed investment in 2010, after deploying $217 million. The fund reached a final close of $254 million in October 2007, with commitments from the likes of the Asian Development Bank, CITIC Bank and Prudential.
Darby invested $20 million in Shayne in November 2006, providing expansion capital in the form of notes and warrants.
The company was founded in Taiwan but moved its operations to China in 1988 and is now based in Hangzhou. It produces high-end upholstered furniture and leather apparel for export. Shayne sells mainly into the US, where its customers include well known furniture retailers and department stores.
"We are privileged to have had the opportunity to invest in such a high quality business and witness the growth and transformation of the company over the years," Simon Sham, managing director at Darby, said in a statement.
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