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China-backed CITIC Capital Partners buys stake in mattress maker King Koil

18 Aug 2014

King KoilThe private equity arm of Chinese sovereign wealth fund-backed CITIC Capital has tapped its second China Partners fund to buy a control stake in mattress maker King Koil Shanghai Sleep System.

King Koil owns the Chinese trademark for the namesake premium US mattress brand, which was founded in 1898.

CITIC said the Chinese mattress market is expected to grow at more than 15 per cent over the next five years, and at an even faster rate for the premium segment.

Yichen Zhang, Chairman and CEO of CITIC Capital Holdings, said, “King Koil is a leading player in the premium mattress segment with strong brand recognition and a highly-skilled management team.

“We look forward to partnering with the management and other shareholders to strengthen the leadership in the hotel contract market and aggressively grow the retail sector in the coming years.”

Earlier this summer CITIC Private Equity reportedly agreed to team up with Jack Ma’s Yunfeng Capital to invest $320m in Chinese dairy producer Inner Mongolia Yili.

The two firms will hold 60 per cent of Inner Mongolia Yili Livestock Development according to AVCJ, which referred to a regulatory filing made with the Shanghai bourse.

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