(Reuters) – Global private equity firm Bain Capital has acquired an 80 percent stake in Lionbridge Financial Leasing (China) Co Ltd for around 1 billion yuan ($164 million), a source with knowledge of the matter told Reuters.
The companies announced the deal in a statement on Thursday, without disclosing the value.
The deal gives Bain its first investment in China’s financial services sector. Lionbridge provides leasing of medical, agricultural and manufacturing equipment to small and mid-sized companies.
China’s financial leasing sector has grown nearly 40-fold in the last few years, from 8 billion yuan in 2006 to 3 trillion yuan in 2014, making the country one of the world’s biggest leasing markets.
Bain’s investment is also the latest in a series of deals where suitors have bought majority stakes in Chinese companies or companies with significant exposure to the world’s second-biggest economy.
Lionbridge has 174 offices covering 22 provinces, and had 3 billion yuan in leased assets as of June 30, according to the statement.