Hony teamed up with regular partner Zoomlion Heavy Industry Science and Technology for the deal, which has seen the pair buy a combined 80 per cent of the business for RMB2.78bn.
Reuters reported that China is looking to increase agricultural productivity and food safety, with the agri-machinery industry expected to grow to an output of RMB400bn by 2015.
Hony CEO John Zhao said he hoped the firm would be able to accelerate Pizza Express’ growth in the Chinese market, where it already has 22 restaurants.
Cinven was said to be hoping to collect $1bn for the business but saw bids fall short.
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