Spring Capital's Vanzo merges with Shanghai-listed Kaile

It was announced last September that Hubei Kaile would acquire a 100% interest in Shanghai-based Vanzo for RMB860 million ($140 million) in cash and shares. According to a filing, existing shareholders in Vanzo received RMB731 million worth of shares in Hubei Kaile through injecting their assets.

The transaction was completed last month. Spring Capital Asia Fund One acquired a minority stake in Vanzo in August 2012. During the investment period, Vanzo's business has more than doubled in terms of sales and net profit. Its product range, has also expanded, Spring Capital said.

Vanzo designs mobile handsets, focusing on Android-based smartphones. Its clients include emerging mobile phone brands and assembly service providers.

Founded in 2008, Spring Capital has offices in Shanghai and Hong Kong. It focuses on the lower mid-market, committing $5-20 million per investment. In addition to Vanzo, the firm has exited China City Guard Security Service. Its current portfolio includes Ports Design, 3721, Canadian Solar, Coolpad and Hisoft.

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• Topics
• Greater China
• Exits
• Technology
• China
• Exit
• Technology
• Spring Capital Asia
• Trade sale
• M&A
• manufacturing