Bain, FountainVest Bid on Chinese Med Device Co.

HONG KONG (Reuters) – Global and Chinese private equity funds including Bain Capital and FountainVest Partners have submitted bids to buy into a Chinese medical device maker backed by Citigroup (C.N), sources said on Tuesday.

Citi Venture Capital International (CVCI) bought a roughly 70 percent stake in Landwind, a diagnostic imaging equipment distributor and manufacturer, for about S$127 million ($86.99 million) in 2007, when the Chinese firm decided to delist from the Singapore market, according to Singapore media reports.

The sources declined to give a specific estimate of the deal size. Bain, FountainVest and Landwind all declined to comment.

(Reporting by George Chen; Editing by Jonathan Hopfner)