Global private equity firm Advent International has acquired a majority stake in Chinese mattress maker King Koil Shanghai Sleep System Co., Ltd. from CITIC Capital Partners, it announced today.
Financial terms were not disclosed.
King Koil China’s management team will retain a minority stake in the company and continue to lead the business following the completion of the transaction.
"We look forward…to help grow the business during this next stage of development, including deepening King Koil China’s presence in its existing cities, expanding to other cities within China as well as increasing its online presence," said Filippo de Vecchi, managing director and co-head of Greater China at Advent International.
CITIC Private Equity acquired control of King Koil China for an undisclosed amount in 2014.
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