China Growth Equity Investment Ltd. has merged with two companies to form Pingtan Marine Enterprise Ltd. in a deal valued at $770 million.
The merger is with China Dredging Group, an independent provider of dredging services, and Fujian Provincial Pingtan County Ocean Fishing Group Co. Ltd., a fishing company. China Growth is a special purpose acquisition vehicle (SPAC) formed by Morgan Joseph TriArtisan's clients.
The combined company will be a dredging and fishing company. It will focus its dredging services on the Chinese infrastructure market, and its fishing operates on the Indian exclusive economic zone and the Arafura Sea, off of Indonesia.
Morgan Joseph TriArtisan LLC advised China Growth on the deal.