HAO sells off shares in PAX for 4.7x

China-based HAO has fully exited its stake in the point-of-sale terminal maker.

Beijing-based HAO Capital has sold its remaining stake of 7.6 percent in portfolio company PAX Global Technology for $44 million, according to a source close to the deal. 

HAO has realised profit of $112 million on PAX since its original investment of $30 million, bringing the gross multiple for the entire investment to 4.7x, according to the source.

Shenzhen-based PAX is a Hong Kong-listed electronic fund transfer point-of-sale (EFT-POS) terminal supplier. 

The sale was proceeded by HAO’s 15.1 percent sell down of a stake in the company for $78 million in January, Private Equity International reported earlier. 

The firm initially invested in PAX in 2007. It sold part of its stake when the company listed in Hong Kong in December 2010.

Founded in 2005, HAO Capital provides growth capital to Chinese companies in the consumer goods, healthcare, light industrial and clean-tech sectors. It manages total assets of $500 million across two funds, according to PEI’s Research & Analytics division.