Mekong Capital exits Mutosi after Ariston acquisition

Mekong Capital exits Mutosi after Ariston acquisition

Mekong Capital has completed its exit from Mutosi after selling its majority stake to Italy’s Ariston Group, which now holds an 83 per cent stake in the Vietnamese water purification company

Mutosi water purifiers are displayed at a retail store in Việt Nam. — Photo mutosi.com

 Mekong Capital has completed the sale of its majority stake in Mutosi Group JSC, a Vietnamese residential water purification company, to Ariston Group, a global provider of climate and water comfort solutions.

The transaction marks Mekong Capital’s exit from Mutosi, in which it invested in 2021. Following the deal, Ariston holds an 83 per cent stake in Mutosi, while the company’s management team retains the remaining 17 per cent and will continue to run the business.

Mekong Capital invested in Mutosi in June 2021 through Mekong Enterprise Fund IV, as part of its strategy of backing founder-led companies in Việt Nam’s fast-growing consumer sectors.

Founded in 2018 and headquartered in Hà Nội, Mutosi has grown into a big player in Việt Nam’s residential water purification market. During Mekong Capital’s investment period, the company expanded its product range and nationwide distribution network while improving manufacturing efficiency and business operations.

The acquisition combines Mutosi’s water purification expertise and manufacturing capabilities with Ariston Group’s established presence and distribution network in Việt Nam, supporting the company’s next phase of growth.

Ariston has operated in Việt Nam for nearly four decades and has an established business in water heating and water comfort solutions. The combination is expected to give Mutosi greater resources and scale for its next stage of development.

Trần Trung Dũng, CEO of Mutosi, said Mekong Capital had supported the company in strategy, organisational development, digital transformation and other areas, helping strengthen its management capabilities.

The partnership also helped Mutosi navigate challenging economic conditions in 2022 and 2023, while building a more sustainable business model and achieving key targets in 2024 and 2025.

Chad Ovel, a partner at Mekong Capital, said Mutosi’s development reflected the firm’s approach of working with founders to build sustainable businesses in Việt Nam’s consumer sector.

He credited Dũng’s vision and leadership with helping Mutosi grow from an early-stage company into a business that attracted Ariston as a strategic partner.

Ovel said Ariston’s scale, distribution network and experience in water comfort solutions made it a suitable partner for Mutosi’s next phase of growth.

Founded in 2001, Mekong Capital is a growth capital firm that invests in companies in Việt Nam. Its investment focus includes consumer goods and services, education, healthcare, biotechnology, agricultural technology and regenerative agriculture. 

Bizhub