Illinois Tool Works Inc. (NYSE: ITW) has purchased Gold Pattern Holdings, owner of a Guangzhou, China-based kitchen equipment manufacturer, from private equity firm Actis.
Deal terms remain undisclosed.
London-based Actis, which focuses on deals in emerging markets—especially investments in Asia, Africa and Latin America—launched a sale process for Gold Pattern, which owns Vesta Global Ltd. and subsidiary Vesta Catering Co. Ltd.
The deal allows ITW to differentiate product offerings and expand into “China’s fast-growing Chinese Western cooking industry,” says ITW executive vice president Chris O’Herlihy in the release.
ITW last acquired Coeur Holding Co. from private equity firm, the Riverside Co., for an undisclosed amount, in October.
Coeur designs and manufactures disposable products for medical procedures, including diagnostic-imaging products.
For more coverage on cross-border deals in China, see “U.S. Deal Pros to Network at 7th PE Forum in China” and “Private Equity Perspective: Choosing China.”