InterChina Partners, the leading local premium & mid-market investment banking advisor based in China, is pleased to announce the acquisition of Airbest (Changxing) Technology Co., Ltd. by Piab. The transaction was completed on December 23^rd 2021.

Founded in 1951, Piab is a worldwide leader in progressive gripping, lifting and moving solutions. The company offers multistage vacuum ejectors, vacuum pumps, suction cups, vacuum conveyors, etc.. Piab’s products and related services are used extensively for all industries with special attention to packaging, food and beverage, pharmaceutical, logistics and automotive.

Airbest (Changxing) Technology Co., Ltd. is a privately held company founded in Wenzhou, China in 2006. It focuses on selling vacuum gripping system component and providing vacuum automation and vacuum conveying solutions.

This acquisition is part of Piab’s China market corporate growth strategy, looking to develop a China for China integration. Important synergies are brought within both companies, specifically Airbest local product and technology and existing industrial platform, as well as Piab’s R&D experience and international sales channels to Airbest.

“With the support from Piab, Airbest can provide better industry leading products and solutions to its clients”, says Hu Wenjing, CEO of Airbest.

InterChina’s deal team includes Eduardo Morcillo, Managing Partner, and James Chen, Director.

“We are pleased to have been able to facilitate the combination of Piab and Airbest (Changxing),” said Mr. Morcillo. “Airbest, as one of the local premium players in this market, brings a complete localized platform for growth to our client: good facilities with room for expansion, a competitive local technology with a well-established sales channel and local clients…this is a business that has enabled fast growth and profitability”.

InterChina served as the buy-side advisor, and provided transaction advice, acting as a local investment bank. Advisory included transaction process management, deal structure, negotiation of definitive agreements, and transaction closure.