CDH invests in Chinese appliance maker Midea
CDH Investments has teamed up with an investment unit of ICBC International Holdings to buy a 15.3% stake in Midea Group, a leading Chinese household appliance manufacturer.
According to a filing by Midea's Shenzhen-listed subsidiary, GD Midea Holding, CDH will take a 3.1% interest in the group with Tianjin Rongrui Investment, which is owned by ICBC International, holding the remaining 12.2%. ICBC International is the Hong Kong-based investment banking unit of Industrial and Commercial Bank of China.
Founded in 1968, Midea Group produces a wide range of appliances, from kettles to air-conditioning units, for the domestic and international markets. It claims to employ 180,000 people and reported revenue of $17 billion in 2010, $5.8 billion of which came from overseas. In addition to GD Midea Holdings, it owns Shanghai-listed Wuxi Little Swan.
China's household appliance retailers have traditionally attracted more attention from private equity, with Bain Capital making a high-profile and somewhat controversial investment in Gome Electrical Appliances.
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