CITIC Capital bought in through an investment from China private equity fund CITIC Capital China Partners. CITIC Capital Holdings Ltd manages US$1.6bn from a ‘diverse range of global investors.’
“Based in Shanghai, our China private equity team engages in buyouts and strategic minority investments in leading Chinese companies,” the company says on its web site. It says that the company’s investments are funded by US$425m of committments from investors. It said it focuses mainly in companies with some form of government involvement. It has also bought a stake in Harbin Pharmaceutical Group.
Yichen ZHANG, Chief Executive Officer of CITIC Capital, said, “We are excited about this investment in Fushun Excavator as it demonstrates the potential of former state-owned enterprises to leverage their strength in the Chinese domestic market to successfully compete in the global marketplace. We are looking forward to helping Fushun Excavator to further expand its distribution network and access to both developed and emerging market economies.”
Xiaoping LIU, Managing Director of CITIC Capital, added, “We were attracted to Fushun Excavator because of its consistent financial performance and the strength of its senior management team, which has overseen the company’s domestic revitalization as well as successful international expansion. We are looking forward to bringing our resources to bear to help continue the company’s leadership in the construction equipment industry.”
Cranes Today understands that Fushun Excavator Corp is planning an initial public offering of company shares before the end of the year.
China’s crane manufacturers are hot properties at the moment. In April, Manitowoc Crane Group bought a stake in mobile crane manufacturer Shanghai Dongyue, China’s fourth-largest mobile crane manufacturer.
In addition, the other crawler crane manufacturer in Fushun, China, Fushun Excavator Limited Corporation, was bought by Fushun-based Chinese tower crane manufacturer the Yongmao Group.