Bain completes Mr. China ASIMCO deal
Bain Capital has announced the completion of its acquisition of ASIMCO Technologies Ltd., the Beijing-headquartered auto parts company made famous by the book ‘Mr. China,’ from Key Principal Partners and other investors in the business.
Although financial terms were not disclosed, the deal value has been cited as worth some $150 million. Sellers included Key Capital, the PE arm of Cleveland-based financial services firm KeyCorp, the PE arm of American International Group, and the International Finance Corporation (IFC), along with 27 other investors, including Jack Perkowski, the former US banker who founded ASIMCO in 1994.
“Bain Capital shares the vision and values that have made ASIMCO a success in China, and we are very excited to begin working with management,” said Bain Capital MD Jonathan Zhu.
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