Bain Capital buys stake in biomass firm for $400 mln (updated)

Hong Kong and China Gas

12/01/2023 02:18

(Adds deal size, further comment from Bain)
       Jan 12 (Reuters) - Bain Capital Private Equity said on
Thursday it has completed a deal to acquire a stake in EcoCeres
Inc, a biomass firm majority owned by Hong Kong & China Gas
 0003.HK , as the Boston-based investor strives to ramp up its
sustainable investment.
    Bain said in response to a Reuters query that the firm
invested $400 million of growth capital for a significant stake
in the company, marking one of the its largest transactions in
Asia related to environmental, social and governance (ESG)
issues.
    After the transaction, EcoCeres would be mutually controlled
by Bain Capital and Hong Kong & China Gas, rather than being
solely controlled by the latter as previously, according to a
filing about the transaction published on the website of China's
State Administration for Market Regulation in November. 
        The deal follows a Series A investment in EcoCeres from
Kerogen Capital last February, Bain said.
    The new funding will be used to build EcoCeres' facilities
in Malaysia to serve international clients and boost total
output capacity, according to Bain.
 (Reporting by Riya Sharma in Bengaluru, Kane Wu in Hong Kong
and Roxanne Liu in Beijing; Editing by Sherry Jacob-Phillips)
 ((Riya.Sharma@thomsonreuters.com;))