EQT China fund takes 30% of aluminium die casting manufacturer
EQT Greater China II, operated by European private equity firm EQT Greater China, has acquired a 30% stake in Modern Metal & Precision Holdings Ltd., a leading aluminum die casting manufacturer in China, for an undisclosed amount through a new share issue, according to its press release.
Modern Metal was established in 1969 by co-founders Duen Fung and CT Fung. After the new share issue, both will jointly own 70% of the company. The company had sales of approximately $75 million for the fiscal year ended March 2010, and will use the new investment to expand production and to establish a new plant in China
Martin Mok, Partner at EQT Partners in Hong Kong, noted in the statement that industry demand for the company's products is increasing. He also said that another another growth driver is the increased outsourcing to China by global companies, as die-casting capacity in developed countries has been reduced during the GFC.
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