July 5 (Reuters) – Hong Kong-based conglomerate China Merchants Group has acquired Australian pallet maker Loscam Ltd, Locam said in a statement on Monday.
The business was sold by private equity group Affinity Equity Partners for an undisclosed sum.
Loscam makes and hires out wooden and plastic pallets, and is a competitor to listed Brambles Ltd (BXB.AX), the world’s top pallet supplier. The company, based in Australia, has 11 offices throughout Asia. (Reporting by Michael Smith; editing by Balazs Koranyi)