Actis has sold its portfolio company, Vesta Catering Co., a kitchen equipment manufacturer in China, to Illinois Tool Works.
Vesta’s product portfolio is composed of Western cooking/warming equipment including fryers, griddles, convection ovens, modular cooking equipment, and combi ovens, sold under the brand name Justa. Key customers include four and five star hotels and chain restaurants. The company is headquartered in Guangzhou, China and operates two manufacturing facilities there, employing approximately 900 people (www.vesta-china.com.cn).
Actis is a private equity investor in emerging markets with a portfolio of investments in Asia, Africa and Latin America. Actis provides equity capital for buyout, growth capital and project finance transactions, typically investing between $50 million and $250 million. The firm will take a controlling or a minority stake depending on the particular needs of the business. The firm is based in London (www.act.is).
Illinois Tool Works is a diversified industrial manufacturer of value-added consumables and specialty equipment with related service businesses. ITW is based in Glenview, IL (www.itw.com).
“We are pleased to add Vesta to our global food equipment business,” said ITW Executive Vice President Chris O’Herlihy. “This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-8-13