Marlborough Firm Acquires Chinese Sportswear Manufacturer
Stockholders in Marlborough-based acquisitions firm 2020 ChinaCap Acquirco Inc. have approved the firm's acquisition of Windrace International Co. Ltd., a Chinese sporting goods manufacturer.
According to 2020, the transaction is expected to close Wednesday. Financial terms of the acquisition were not disclosed.
2020 intends to merge Windrace with its wholly-owned subsidiary Exceed Co. Ltd. in the British Virgin Islands. Windrace will be the surviving entity.
Windrace designs, manufactures, sells and distributes sporting goods, including footwear, apparel and accessories, in China.
2020 was established in 2006 and completed a $69 million IPO in 2007. The company is based in Marlborough and led by George Lu, chairman and CEO, former CTO of Illinois-based online auction site Ubid.com.
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