Gold Pattern Holdings, previously owned by private equity firm Actis, was acquired by Illinois Tool Works on Wednesday. Actis is an investment firm with a portfolio that spans Asia, Africa, and Latin America. No financial details were disclosed by any of the companies.
Gold Pattern Holdings currently owns Vesta Global Ltd., while Vesta Global owns a full equity stake in Vesta Catering Company Ltd.
Vesta Catering Company, a Western kitchen equipment producer and distributor, operates in China.
Vesta Catering's product line include fryers, griddles, modular cooking tools, convection and combi ovens, and other Western cooking and warming equipment under the brand name Justa.
The company distributes its line to prominent four star and five star hotels in the Chinese region of Guangzhou. Two manufacturing factories are located in the same location. The company also employs a total of 900 Chinese workers.
Illinois Tool Works Vice President Chris O' Reily commented on the acquisition, "We are pleased to add Vesta to our global food equipment business."
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