Suzhou Gold Mantis, the Chinese interior design leader whose CEO Ni Lin made the cover of Forbes Asia in September, has formally forged a strategic alliance with Hirsch Bedner Associates after completing the purchase of a 70% stake in the California-based company at the end of last month for $75 million.
The alliance agreement was signed on Friday, according to a report in the China Business News, a Chinese daily newspaper.
The acquisition will give Suzhou Gold Mantis,?whose business has been focused in China,?access to HBA?s design staff. The U.S. company specializes in interior design for the hospitality industry, with 15 offices globally, including Los Angeles, Shanghai and London.
The purchase by Gold Mantis?is part of an increase in overseas acquisitions by Chinese companies.? Wanxiang Group, controlled by billionaire Lu Guanqiu, won?control?of Waltham, Massachusetts-based battery maker A123 at an auction last month, though the transaction faces political opposition.? The Canadian government also last month approved the $15 billion acquisition of energy firm Nexen by Chinese state-controlled Cnooc.
Suzhou Gold Mantis?s biggest shareholder is Zhu Xingliang, who ranked No. 36 on the 2012 Forbes China Rich List. The company was a member of Forbes Asia?s Fab 50 list in 2012.
Click here for Forbes Asia?s cover profile of Suzhou Gold Mantis.
Click here for the Forbes China Rich List 400.
Click here for analysis of Chinese overseas M&A trends.
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