AVCJ reported the news, citing unnamed sources. Financial terms of the deal were not disclosed.
Zoomlion has been a Hony Capital portfolio company since 2006 and also has a history with Mandarin Capital, after the firm teamed up with Goldman Sachs in 2008 to support Zoomlion’s acquisition of Compagnia Italiana Forme Acciaio.
The company said in February it would invest RMB2.1 billion ($333m) to improve its environmental and sanitation machinery business, the report said.
Zoomlion said it would establish a wholly owned unit – Changsha Zoomlion Environmental and Sanitation Machinery – to support the strategy, the report added.
Mandarin Capital is currently fundraising for its second fund and as is on track to hitting a €500m first close at the end of this year, two sources familiar with the matter told AltAssets last week.
A first close is expected around November and a €1bn final close is expected in the second half of 2013.
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