Zoyi invests in Taiwan's Quaser Machine Tools
Greater China-focused mid-cap investor Zoyi Capital has invested an undisclosed amount in Quaser Machine Tools, a Taiwan-based machine tool manufacturer.
Set up in 1991, Quaser manufactures and sells high-precision, multi-axis machine centers. These are made mainly under the company's own brand but it also has a number of original equipment manufacturer partnerships.
The business has a global presence with 30 distributors worldwide and service centers in Switzerland, China and Taiwan. Until now Quaser has mainly focused on the European market, with the region contributing up to 70% of its sales. However, it is now looking to expand its market share in the US and China.
"Zoyi Capital has identified favourable industry trends for high-end machine tool manufacturers, driven by economic recovery in Europe, repatriation of manufacturing in the US and rising demand for high-end machine tools in China," said Andrew Kuo, founding partner and CEO of Zoyi Capital, in a statement.
This is Zoyi's second Taiwan investment in the space of a week. Yesterday it was revealed that it had invested undisclosed sum in Taiwan Farm Industry, a 47-year-old meat processing company. Zoyi was set up by Kuo, formerly of The Blackstone Group, and Pei-Pei Yu and Eric Chen, who previously worked for Goldman Sachs and Fullerton Financial, respectively.
The GP focuses on leading mid-cap companies operating in China and Taiwan, with a preference for buyout or significant minority positions. The firm is currently targeting $300 million for its debut fund.
It made its first investment in March, paying $30-40 million for a controlling stake in Chinese apparel brand Pink Mary. This was followed by a $20 million investment in US-listed Chinese enterprise application and financial IT services provider Camelot Information Systems that is subject to a management buyout offer.
In April, it acquired a minority stake in Vigor Kobo, a Taiwan-based retailer best known for selling pineapple cakes to tourists.
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