CDIB Capital invests $30m in Chinese recycling firm
CDIB Capital, the PE arm of Taiwan’s China Development Financial (CDF), has invested $30 million in Anhui Dong Jin Renewable Resource Technology, a Chinese renewable resources producer.
This is the fifth investment made by the CDIB Capital Asia Partners Fund, which closed at $405 million in July 2015. Steven Wu, managing director of CDIB Capital, will join the board of Dong Jin.
Founded in 2010, Dong Jin manufactures staple fibers, filaments and fabrics made from polyethylene terephthalate (PET) bottles. PET is a type of plastic used in many consumer goods and it can easily be recycled. The new capital will go towards expanding Dong Jin's production capacity and enhancing R&D efforts.
"We will work closely with the company to focus on vertical integration down the value chain and look to introduce strategic partners to enhance the value-added proposition of the company's products and access new customers," CDIB's Wu said in a release.
CDIB Capital was set up in 2006 usin capital from CDF's balance sheet. For its debut Asian Fund, the firm raised third-party capital from fund-of-funds, family offices, sovereign wealth funds, insurers and corporations. The fund backs not only Chinese companies but also overseas businesses that are looking to expand in China.
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