China's supermarket chain operator Yonghui Superstores Co Ltd said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million.
Yonghui will invest $165 million for a 40 percent stake in Daymon, while Bain Capital will buy 60 percent, the Chinese firm said in a statement late on Tuesday (1/17). It said it would fund the deal by bank borrowing and cash.
Bain Capital said separately it would buy the stake from existing shareholders of Daymon. Daymon's expertise ranges from private brand development to strategy and branding, sourcing and logistics, retail merchandising services and consumer experience marketing.
The global retail market is expected to reach $28 trillion by 2019 at an average annual growth rate of 3.8 percent, while Asia's retail sales are expected to exceed $10 trillion by 2018, Bain Capital said.