(Yicai Global) Dec. 5 -- Large investment management enterprise CITIC Capital Holdings' private equity investment unit announced it has finished the acquisition of all shares of leading Japanese industrial oil pump maker Nippon Oil Pump, the, state-backed China Securities Journal reported today.

Established in March 1919, Kumagaya, Saitama-based Nippon Oil Pump's products find wide application in machine tools, construction vehicles, general machinery, catering distribution machines, power infrastructure and marine vessel facilities, data shows.

The deal price is over JPY10 billion (USD88 million), and the seller is Ile-de-France, France-headquartered investment giant Wendel Group, which bought out Nippon Oil Pump in 2013, according to Nikkei. Sales of the Japanese company were JPY7 billion (USD6.2 billion) in the most recent fiscal year.

The company will promote the long-term development of Nippon Oil Pump with its extensive network, resources and experience in China and other Asian regions, according to CITIC Capital Holdings, adding that demand for Nippon Oil Pump's products in China is expected to increase further, benefiting from relevant industrial policies.

Formed in 2002 with over USD25 billion of assets under management globally, Hong Kong-based CITIC Capital is the subsidiary of large central enterprise CITIC Group, with its core businesses including PE and property investment, structured financing and asset management.

Editor: Ben Armour