KKR buys into Chinese liquor chain VATS

KKR announces an investment in VATS Liquor Store only days after it joins other buyers to acquire Morgan Stanley's stake in Chinese investment bank CICC.

Private-equity firm Kohlberg Kravis Roberts Co KKR yesterday announced it will invest in VATS Liquor Store, China's largest liquor store chain. However, it did not disclose either the consideration or the size of the stake it is acquiring.

VATS is a five-year-old business and has quickly grown to become the operator of more than 270 liquor stores covering all the provinces in mainland China. It holds sole distribution rights to a diversified and valuable portfolio of leading premium Chinese liquor brands, including Wuliangye Vintage Series, Guyuelongshan Vintage Series, Zhenjiu and Xiangjiao. VATS also distributes local wine brand Shangri-la wine, top French wines such as Petrus, Lafite, Latour and malt...

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