Carlyle Exits Its Stake in Jiangsu Rainbow Heavy Industries (Asia)
Source: Cargotech, The Carlyle Group
Global alternative asset manager The Carlyle Group has sold its 9.6 percent stake in Jiangsu Rainbow Heavy Industries (RHI), a China-based port and marine-related machinery manufacturer. The investment was held by China Crane Investment Holdings, an investment vehicle jointly owned by The Carlyle Group and Finland-based cargo-handling machinery company Cargotech. Carlyle’s investment in RHI was structured through Carlyle Asia Growth Partners IV. China Crane is now held solely by Cargotech, while the vehicle’s stake in RHI was reduced from 18.8 percent to 9.2 percent. Financial details of the transaction were not disclosed.