Hong Kong-based EmergeVest has sold their shares in Chinese apparel supplier JD United Holdings Limited (JDU).
The private equity firm has sold its stake to Taiwan-listed textile Roo Hsing Co for $500 million. The merger with Roo Hsing Co secured the business as one of the world’s leading denim manufacturers, with a combined revenue of over $500 million.
EmergeVest first invested in JDU in 2014 and supported the company’s expansion with additional capital in 2015. Headquartered in Changzhou, Jiangsu, China, JDU has 25 manufacturing facilities across Asia and Africa, producing apparel for leading international brands and retailers, such as Levi Strauss, Gap, Fast Retailing, Primark and C&A.
During its investment period, EmergeVest reorganised JDU’s shareholding structure, buying out a previous private equity investor, optimised JDU’s balance sheet, financed expansion into new markets and product categories, and managed the merger with Roo Hsing Co.