Actis exits Chinese kitchen equipment maker to US trade buyer
Actis has sold its stakes in Chinese commercial kitchen equipment maker Vesta to Illinois Tool Works (ITW), a US industrial equipment manufacturer. Terms of the transaction were not disclosed.
Actis invested in Vesta in August last year, taking three of the five board seats and helping install a corporate governance system, among other things.
"We are pleased to add Vesta to our global food equipment business," ITW executive vice president Chris O'Herlihy said in the statement. "This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network."
Headquartered in Guangzhou, Vesta operates two manufacturing facilities and employs about 900 people in China. Its products include fryers, griddles, ovens, combination steamers and dishwashers for use in restaurants, hotels and canteens. Its flagship brand, Justa, was established in 2000.
About 20% of ITW's revenue came from the geographic divisions that include Asia last year, up from 8% in 2011. The food equipment business accounted for about 11% of revenue.
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