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KKR buys stake in VATS to tap growth
By Pan Xiaoyi |
December 17, 2010, Friday
|
Print Edition
Print Edition
PRIVATE-EQUITY firm Kohlberg Kravis Roberts & Co has invested in China's largest liquor store chain operator to tap the country's resilient consumer market.
Although the company did not disclose the investment amount and the size of the stake in VATS Liquor Store yesterday, Wall Street Journal cited people familiar with the matter as saying investors led by KKR spent more than US$100 million for a minority stake.
The partnership will allow the firms to seize growth opportunities in China's liquor industry, KKR said in a statement.
Annual sales of China's white liquor market are around US$27 billion and the consumption of bottled white liquor has grown 20 percent on a compounded annual rate in the past five years, according to the KKR statement citing figures from the National Bureau of Statistics.
VATS operates more than 270 liquor stores nationwide with annual operating revenue of 6 billion yuan (US$896 million).
KKR, which oversees US$55.5 billion assets, has acquired a stake in China Modern Dairy.
Although the company did not disclose the investment amount and the size of the stake in VATS Liquor Store yesterday, Wall Street Journal cited people familiar with the matter as saying investors led by KKR spent more than US$100 million for a minority stake.
The partnership will allow the firms to seize growth opportunities in China's liquor industry, KKR said in a statement.
Annual sales of China's white liquor market are around US$27 billion and the consumption of bottled white liquor has grown 20 percent on a compounded annual rate in the past five years, according to the KKR statement citing figures from the National Bureau of Statistics.
VATS operates more than 270 liquor stores nationwide with annual operating revenue of 6 billion yuan (US$896 million).
KKR, which oversees US$55.5 billion assets, has acquired a stake in China Modern Dairy.
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