Baring Asia, Chengwei Ventures invest $88m in China CBM Investment HoldingsAsian private equity group Baring Private Equity Asia, together with Shanghai-based venture capital firm Chengwei Ventures, has invested $88m in China CBM Investment Holdings, as part of an MBO of green energy company Asian American Gas.
As a result of the deal, Baring Asia will become the single largest shareholder in CCBM, according to a statement.
CCBM was formed as a result of an MBO of Asian American Gas, Inc. (AAGI), a sustainable energy company focused on the exploration, development and production of coalbed methane (CBM).
Steve Zou, CEO and founder of AAGI, will become chairman and president of CCBM.
Jean Eric Salata, CEO, Baring Asia, said, 'Currently, China's huge CBM reserves remain largely underdeveloped mainly due to a lack of technology and inadequate investment. We are excited to be playing a role in accelerating China's enhancement in this area. We are very pleased to be partnering with Steve Zou and his team in growing CCBM.'
Last month, Baring Private Equity Asia invested in disposable medical device company Amsino Medical Group, the parent company of Amsino International.
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