Vietnam-focused private equity firm Mekong Capital has exited its majority investment in water purification maker Mutosi Group to European water solutions group Ariston.
Ariston holds an 83% stake in Mutosi following the acquisition, while the Vietnamese manufacturer’s management team retains a 17% stake and will remain actively involved in the business.
Financial details of the transaction were not disclosed.
Mekong Capital, through its Mekong Enterprise Fund IV, invested $10 million in Mutosi in 2021.
The firm said that during the hold period, it has supported Mutosi in broadening its product portfolio across floor-standing and under-sink solutions, spare parts, and after-sales services, while expanding its nationwide multi-channel distribution and service network from its Hanoi base.
Mekong Capital has also helped its investee in building up corporate governance, digital transformation, customer experience, and corporate culture.
In 2025, Mutosi generated revenues of 14 million euros ($16.3 million), after delivering mid-teen growth over the previous three years.
Ariston, which has been present in Vietnam for nearly four decades, is known locally for its water heating and water comfort categories.
“The acquisition of Mutosi enables Ariston to enter a large and fast-growing product category and a strong recurring revenue stream driven by filter replacement,” the Italian company said in a separate announcement.
Mekong Capital’s most recent exit, prior to Mutosi, was restaurant group Red Wok in 2025.
Mekong Enterprise Fund IV, which was launched in 2019 and later raised $246 million, remains invested in healthcare firms LiveSpo and Gene Solutions, beauty products retailer HSV Group, financial services provider F88, hospital operator TNH Group, and agri-businesses Entobel and Husk.
The predecessor fund, which is reaching the end of its lifespan, still holds interest in F88, pharmacy chain Pharmacity, mattress retailer Vua Nem, English language training centre YOLA, and logistics companies ABA Cooltrans and Nhat Tin.
The broader Southeast Asia region has faced prolonged exit pressures, with exit value declining 32% to about $4 billion in 2025, as exit count dropped 39% to 11 deals.
As it is taking longer to divest, the region is showing an increasing number of aging assets. GPs are, therefore, focusing on value creation and enhancing the bottom-line performance of existing portfolios.
