BEIJING, Aug. 28, 2012 /PRNewswire-Asia/ -- Actis, the pan-emerging markets private equity firm, has backed the growing consumer trend for dining out in China with an investment in Vesta, the country's leading commercial kitchen equipment company.
Vesta is the largest designer and maker of Western style mid-range commercial kitchen equipment in China. Its product categories include fryers, griddles, warmers, ovens, combination steamers and dishwashers for use in restaurants, hotels and canteens. Vesta's flagship brand, Justa, was established in 2000, and has grown to become one of the most influential equipment brands in China.
Dining out is a growing trend in China and thanks to rising wealth and changing lifestyles Western-style cuisine is becoming ever more popular, especially with younger customers. Vesta's kitchen equipment responds to this demand, as well as to the organic expansion of the Chinese catering industry.
Since Actis's investment, a complete corporate governance system has been installed, with Actis holding three out of five board seats. Professional managers and senior external counsel from the industry have also been brought onboard. Vesta is already recognised as a leader in Western-style equipment; now Actis is working with the management team to better capture opportunities within the vast Chinese catering market, extending product lines and building out a strong domestic distribution channel.
Meng Ann Lim, Head of China and South East Asia at Actis said, "Building on our extensive domain knowledge in the catering industry we recognised Vesta as a key player within a promising segment of the industry value chain. We plan to add significant value to the business, and are very confident about the prospects of this investment."
Actis is a strong advocate of responsible investing and with the support of Vesta's management team, has already implemented several initiatives to bring worker welfare and workplace safety up to international standards.
Notes to Editors
Vesta is the top manufacturer of Conformite Europeenne (CE), UL and ETL-certified Western-style mid-range commercial kitchen equipment in China.
Photographs of Vesta's equipment range are available on request.
About Actis
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$5 billion funds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate.
Actis remains strongly committed to China with over US$650m invested in leading Chinese businesses.
Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society.
