Report: CVCI looks to exit Chinese medical equipment company

Landwind will reportedly ask private equity firms including Bain Capital and Goldman Sachs’ private equity arm to submit first-round bids for a minority stake.

Global private equity firm Bain Capital and Goldman Sachs Private Equity are among the roughly 20 Chinese and international private equity firms looking to bid for Landwind Medical, which is backed by Citi Venture Capital International (CVCI), sources told Reuters.

Goldman Sachs declined to comment. Bain Capital, CVCI and Landwind did not respond to requests for comment.

Established in 1994, Shanghai-based Landwind designs, manufactures and distributes medical diagnostic imaging equipment in China. It has over 20 sales offices supported by more than 50 distributors and 200 resellers.

CVCI acquired approximately 70 percent of Landwind for about S$127 million ($86 million; €65 million), when the company delisted from the Singapore stock exchange in 2007.

The buyers are expected to pay a premium over the CVCI deal for a minority position, with first round bids will be submitted soon, a source said in the report. 

A unit of Citi Alternative Investments, CVCI has made investments principally in growth markets since 2001. The firm manages over $7 billion in investments and commitments.