Affinity, Unitas Plan to Exit Leader & Harvest

Private equity firms Affinity Equity Partners and Unitas Capital are planning to exit Beijing Leader & Harvest Technologies Co. in a deal that could reach up to $500 million, Reuters reported. The firms have hired Deutsche Bank to run a dual-track IPO and auction for the Chinese energy-saving company.

(Reuters) – Private equity firms Affinity Equity Partners and Unitas Capital have hired Deutsche Bank to run a dual-track IPO and auction for Beijing Leader & Harvest Technologies Co, which could rake in more than $500 million, sources with direct knowledge of the matter said.

Global energy players ABB, Siemens AG Schneider Electric and Emerson Electric Co are among companies that are likely to show interest in the sale of the Chinese energy-saving firm, banking sources told Reuters.

Sources said that the process is at a very early stage and no bidding deadlines have been set.

The PE firms are selling the whole company, which makes energy-saving devices for heavy equipment commonly used in mines, power generation and water industries.

The sources declined to be named because they were not authorised to talk to the media. Deutsche Bank, Unitas and ABB declined to comment. Affinity, Schneider and Siemens did not immediately respond to requests for comment. Emerson declined to comment. (Additional reporting by Martin De Sa’Pinto) (Reporting by Stephen Aldred; Editing by Denny Thomas)