Carlyle has teamed up with Chinese entrepreneur Huo Zhenxiang to buy 75% of Tongyi Lubricants from Royal Dutch Shell, the companies said in a joint statement on Friday.
After the deal completes Carlyle will have a controlling stake in the lubricants maker which supplies car dealerships according to a spokeswoman at the private equity firm.
The US private equity firm is looking to invest in companies that sell to the burgeoning ranks of Chinese consumers who can afford private car ownership. Since overtaking the US in 2009, China has established itself as the world's largest car market.
Although China's economic slowdown has...
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