CVC buys 29% stake of Zhuhai Zhongfu

CVC Asia Pacific, a joint venture of private equity firm CVC and Citigroup, has become the largest shareholder of Zhuhai Zhongfu Enterprise Co British private equity firm CVC Capital Partners Ltd. has invested $225 million in a Chinese plastic-bottle manufacturer, the Wall Street Journal reported on Sunday.

The investment gives CVC, of London, a 29 percent stake in Zhuhai Zhongfu Enterprise Co , which supplies plastic bottles to Coca-Cola Co and PepsiCo Inc , both companies told the Wall Street Journal.

CVC, which said it has received all the necessary government approvals for the investment, and will become the biggest shareholder in the Shenzhen-listed company.

The deal has already closed.