Ariston takes 83% stake in Vietnam’s Mutosi as Mekong Capital exits

Mekong Capital said on Wednesday that it had completed the sale of its entire stake in Mutosi Group JSC to Ariston, a heating and water solutions group listed on Euronext Milan.

Mutosi’s management team will retain the remaining 17 percent and continue to run the company.

Founded in 2018, Mutosi is a Vietnamese home appliance and healthcare brand best known for its water purifiers.

The company says around 75 percent of the components used in its products are sourced from domestic suppliers.

Mekong Capital first invested in Mutosi in June 2021 through Mekong Enterprise Fund IV.

During the partnership, Mutosi expanded its range of water purifiers, replacement components, and after-sales services, while developing a nationwide multichannel distribution network.

Mekong Capital also supported the company in strengthening corporate governance, digital transformation, customer experience, and manufacturing efficiency.

It also helped bring Adrian Micu, former president and CEO of Haier U.S. and former global chief technology officer of Whirlpool, onto Mutosi’s board as an independent director.

Mekong Capital said the partnership with Ariston, which has operated in Vietnam for nearly 40 years and has an extensive distribution network, is expected to support Mutosi’s next stage of growth.

Founded in 2001, Mekong Capital specializes in growth equity investments in founder-led Vietnamese companies, with a portfolio spanning consumer goods, education, healthcare, biotechnology, agricultural technology, and regenerative agriculture.