Actis, emerging markets private equity investor, acquired a 71 per cent stake in Ceylon Oxygen from Yara International.
Actis will also be making a mandatory offer to acquire the remaining shares in Ceylon Oxygen.
The completed acquisition brings on board David Fuller, a professional with 20 years experience managing industrial and medical gases businesses in Europe and Asia. Fuller was previously the managing director of British Oxygen Company (BOC) businesses in Malaysia and Hong Kong.
The Actis team will be joined by Manju Hathotuwa in Sri Lanka as Chairman of the board of the company. He is a current chairman of companies including Kelsey Group of companies, Kotmale Group of companies, Elgi Tyre Lanka (Pvt.) Ltd and Central Securities.
Steven Enderby, an Actis South Asia partner, commented, "We are delighted to have made this acquisition which is in keeping with Actis\\$quot;s approach worldwide, purchasing minority and controlling stakes in companies and working with management to enhance and grow businesses. We believe that, with the team we have assembled and the strong and capable management team at Ceylon Oxygen, we can further develop the company into a world class business."