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CITIC Capital buys Chinese mattress maker

  • Christie Ou
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CITIC Capital Partners has acquired a controlling stake in King Koil Shanghai Sleep System, a Chinese mattress maker.

The investment was made through CITIC Capital China Partners II, the private equity firm's second China-focused buyout fund.

Founded in Shanghai in 2000, King Koil manufacturers premium mattresses. It is the exclusive licensee of several international brands such as King Koil, Aireloom, and Life Balance in China. It also owns the Chinese trademark for King Koil, a leading US brand founded in 1898.

"The highly-fragmented mattress market in China is currently undergoing rapid consolidation and we look forward to working with our new shareholder to become a major force in the market in future," said Stephen Wang, managing director of King Koil.

CITIC Capital Partners operates in China, the US and Japan, and currently manages $2.6 billion of committed capital on behalf of over 50 international investors.

The private equity firm is controlled by CITIC Capital Holdings, an alternative investment management and advisory business that operates across private equity and venture capital, real estate, structured finance, asset management. It is owned by China Investment Corporation (CIC), domestic conglomerate CITIC Group and Qatar Holding.

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