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Zoomlion offers to buy CIFA stake from Hony, Mandarin, Goldman

4 Jan 2013

zoomlion_sqZoomlion, the Chinese construction equipment maker, has offered to buy the remaining 41 per cent stake in its CIFA subsidiary from private equity backers including China’s Hony Capital, Sino European investor Mandarin Capital and Goldman Sachs.

Zoomlion said it will finance the $236m offer for the remaining stake in Zoomlion CIFA from its own balance sheet, according to a statement to the Shenzhen stock exchange.

Zoomlion CIFA was formed in 2008 when Zoomlion and investors including Hony, Mandarin Capital and Goldman Sachs bought Italy’s Compagnia Italiana Forme Acciaio (CIFA).

Zoomlion bought a 60 per cent stake in CIFA for €163m, while Hony, Mandarin Capital and Goldman Sachs paid a total €108m for 17.8, 8.9 and 12.8 per cent stakes respectively.

The news comes as Mandarin gears up for the €500m first close of its second fund, which is scheduled for March 31 2013.

The firm sent out placement memorandums for MCP II during the second quarter of this year and hired China Development Bank Securities and CITIC as placement agents in China and Hong Kong, while funds are being raised directly from investors in Germany and Italy.

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