Private fund makes highest bid for Zhongshan plant and Shanghai chain
Assets of debt-ridden Moulin Global Eyecare Holdings are being sold off to the highest bidders, with its core mainland business snapped up for about $100 million by the same three investors who had triggered the Harbin Brewery Group takeover.
The eyewear firm's plant in Zhongshan, Guangdong, and its Shanghai retail chain of about 50 shops were bought by a private fund headed by Peter Jeva Au, Peter Lo and David Sun, with the latter saying yesterday that the intention was to stabilise the Shanghai operations and expand the retail business to other mainland cities.
'It was a great opportunity. We thought for the right price it's a terrific asset,' Mr Sun said. 'We would like to build up this retail chain ... as a stand-alone. We thought this has huge potential.'
Following talks with Moulin's management, there are plans to retain staff at the factory and stores.
According to Mr Sun, there was a 'bid-off' involving about 15 prospective buyers who could pick their assets of choice and propose a price. He said there was also some bidding for assets in the US.
'We focused only on the China assets and luckily we won the bid,' he said.