Asian investment firm PAGAC II-2 Limited (PAGAC), a subsidiary of buyout fund PAG Capital Asia, has won the race to acquire China’s largest industrial gas producer.

The private equity agency first proposed a ‘top end’ bid to acquire Yingde Gases Group Company Limited in March.

The completed acquisition sees PAG become Yingde’s controlling shareholder. Financial details were not disclosed.

Executives of the company stepped down when the PAG deal was accepted, with CEO Sun Zhongguo and Chief Operating Officer Trevor Strutt resigning after a board meeting on 20th April.

Qiu Zhongwei, a PAG Managing Director, has been named as the new Chairman and CEO of the Chinese outfit.

Withdrawn

A previous acquisition bid by Tier One Air Products’ was withdrawn on 24th March, with the company claiming that the move would not be in the best interest of its shareholders.

Yingde reported a net loss of RMB 143m ($21m) in its 2016 financials compared to a RMB 536m ($78m) profit the year prior. The net loss stemmed from impairment losses on plant, equipment and construction in progress.

Yingde is the largest independent industrial gas supplier in the People’s Republic of China in terms of revenue. It produces, supplies and distributes a variety of industrial gas products to its onsite and merchant customers, with oxygen, nitrogen and argon the core products.