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Carlyle to purchase 10% stake in Chinese textile maker Luolai Lifestyle

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Carlyle to purchase 10% stake in Chinese textile maker Luolai Lifestyle

U.S. private investment firm Carlyle Group LP agreed to buy a 10% stake in Chinese household textile company Luolai Lifestyle Technology Co. Ltd., DealStreetAsia reported.

Carlyle, through its CA Fabric Investments unit, will acquire more than 75.4 million shares of Luolai for 9.62 yuan apiece, or a total of 726 million yuan, from Shihezi Zhongbang Stock Investment Management Partnership and a Luolai co-founder's son, Xue Junteng, the report noted.

Under the deal's terms, Carlyle will name a representative to Luolai's board. The investor and its affiliates are also entitled to buy up to 20% of Luolai's equity in the future, according to the report.

The textile maker's shares jumped 4.05% after market close March 19, according to S&P Global Market Intelligence data.

As of March 19, US$1 was equivalent to 6.71 yuan.