
CDIB invests $55m across two China deals
CDIB Capital, a private equity arm of Taiwan's China Development Financial, has invested a total of $55 million in two Chinese companies.
The GP has provided $25 million in funding to Shane Global Holding, which owns Huatong Industrial, and committed $30 million to Stonehenge Industrial Holdings, an operator of Jiangyin Tongli Optoelectronic Technology. Victor Gao, managing director of CDIB Capital, has joined Huatong's board, while Senior Vice President Steven Wu will join the Tongli board.
Founded in 1989, Hangzhou-based Huatong is a leading original design manufacturer (ODM) and original equipment manufacturer (OEM) of high-end upholstery furniture and home furnishings. Its customers also include furniture retailers in the US and Europe, such as Restoration Hardware and Pottery Barn.
The new investment will be used to expand the company's product offering into premium upholstered furniture as well as entering high-end retail market in China under its own brand.
Tongli was set up in 2001 and started out producing polyethylene- and polypropylene-based film products, which are used in food, pharmaceutical and other plastic packaging. Four years ago, the company expanded into optical protective films, a higher margin product, driven by the fast-growing flat panel manufacturing business in China. CBID's capital will help drive this part of the business.
Hong Kong-headquartered CDIB Capital was founded in 2006 and has about $20 billion assets in management.
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