Hong Kong-based Chinese apparel supplier J.D. United Manufacturing Corporation Ltd. has received US$20 million from Hong Kong-based private equity firm EmergeVest, according to media reports.
EmergeVest will take a stake of more than 10% in J.D. United Manufacturing after the transaction.
EmergeVest also intends to inject a further US$20 million ahead of the company's IPO, which is planned within the next 18 to 24 months.
Heath Zarin, EmergeVest's managing director, previously worked at HSBC's Asia Principal Investments Division.
Before that, he also served as CEO at Emergent Investment Group Limited and partner at Credit Suisse Private Equity Asia.
Founded in 2007, JDU designs and manufactures apparels, with 20,000 employees in Cambodia and China. The company has clients including H&M, Levi Strauss and Zara.
The company posted over US$300 million in revenue in 2011.