Olympus first bought into the business in 2006 and decided to exit following the company’s IPO, a statement from Minzhong said.
The company said the share sale had also helped alleviate a “share overhang” issue, and brought in new institutional and high net worth individuals as shareholders for the next stage of growth.
Minzhong executive chairman Lin Guo Rong said, “We will like to extend our appreciation to Olympus, whose past investment was critical to the establishment of our Sichuan and Shanghai subsidiaries as well as the ramp-up of our champignon mushrooms business.
“Today, we are pleased to be one of the top exporters of champignon mushrooms in the People’s Republic of China.
“We will also like to specially thank Olympus for its valuable guidance and strategic advice to the company over the years.
“Our senior management team has also taken the opportunity of this placement exercise to increase our shareholdings as a vote of confidence in China Minzhong’s future prospects.”
Minzhong reported a 30.6 per cent growth in its net profit to RMB121.6m ($19.5m) for the quarter ending September 30, on the back of a 69.7 per cent rise in revenue to RMB613.4m.
Net operating cash flow also increased 85.2 per cent to RMB226.3m, with cash and cash equivalents totalling RMB302m at the end of the financial period.
Pan-Asian private equity firm Olympus began raising a $750m fund to target mid-market opportunities on the continent in April.
Olympus Capital Asia IV has the same target that its predecessor closed on in 2008.
OCAIII is around 60 per cent invested, according to reports.
The firm now manages three investment vehicles, two of which are dollar-denominated and one of which is renminbi-denominated, which was launched last year.
Copyright © 2012 AltAssets