The Carlyle Group and Yunfeng Capital to Exit GDC Technology (Asia)
Source: Asian Venture Capital Journal | Author(s): Winnie Liu
Global alternative asset manager The Carlyle Group and private equity firm Yunfeng Capital have agreed to exit China-based digital cinema equipment manufacturer GDC Technology as part of China-based movie studio Huayi Brothers Media’s acquisition of a controlling stake in the company. Huayi Brothers plans to increase its holdings to 79 percent through two stages of share purchases. First, Huayi Brothers will acquire 141 million shares for a total of US$67.6 million from Carlyle, Yunfeng and one individual shareholder, with Carlyle and Yunfeng receiving US$47 million and US$17 million, respectively. The second share purchase from Carlyle and Yunfeng is linked to company profits in the next two years. Carlyle originally invested in the company through its fund Carlyle Asia Growth Partners IV in August 2011.