Actis Sells Chinese Kitchen Equipment Manufacturer
July 09, 2013
PE firm Actis has sold the parent company of Vesta Catering, a Western kitchen equipment manufacturer, to Illinois Tool Works (NYSE: ITW). Based in China, Vesta makes cooking and warming equipment like fryers, griddles, convection ovens, modular cooking equipment and combi ovens. Customers include four- and five-star hotels and chain restaurants. Actis first invested in Vesta in May 2011, citing "the rising trend for dining out in China and a growing appetite for Western-style cuisine."