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.”
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.
Copyright © 2014 AltAssets