ITW has signalled its intent to drive deeper into one of the world’s fastest growing markets by acquiring Chinese food equipment brand Vesta.
The company today confirmed that it has bought Gold Pattern Holdings, which owns 100% of Vesta, from private equity firm Actis.
ITW did not disclose the terms of the transaction, but said the agreement gives it access to one of China’s “leading Western kitchen equipment manufacturers”.
Vesta’s product portfolio is composed of Western cooking and warming equipment including fryers, griddles, convection ovens, modular cooking equipment, and combi ovens, sold under the brand name ‘Justa’.
“We are pleased to add Vesta to our global food equipment business,” said ITW’s executive VP Chris O’Herlihy. “This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network.”
Vesta’s key customers include four- and five-star hotels and chain restaurants. The company is headquartered in Guangzhou where it operates two manufacturing facilities employing 900 people.
More than half of ITW’s $17 billion (£11 billion) turnover is generated outside of the US. The company owns foodservice brands such as Hobart and Foster.