Mekong Enterprise Fund IV completes exit from Mutosi following acquisition by Ariston Group

Mekong Capital exits its investment in Mutosi, a leading Vietnamese residential water purification company it has backed since 2021, as the business enters its next phase of growth within Ariston Group.

Ho Chi Minh City, Vietnam, 9 September 2026 – Mekong Capital today announced the sale of its majority stake in Mutosi Group Joint Stock Company, a key player in Vietnam’s residential water purification market, to Ariston Group, one of the global leaders in climate and water comfort solutions, listed on Euronext Milan.

Following completion of the transaction, Ariston holds an 83% stake in Mutosi, while Mutosi’s management team retains a 17% minority stake and will remain actively involved in the business through its next phase of growth as part of Ariston Group.

Mekong Capital invested in Mutosi in June 2021 through Mekong Enterprise Fund IV, as part of the firm’s strategy of partnering with founder-led businesses in fast-growing consumer sectors across Vietnam.

Since then, Mekong Capital has worked closely with Mutosi’s founders and management team to transform the company from a young, founder-led business established in 2018 into one of Vietnam’s leading residential water purification companies. This included 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’s support for Mutosi also extended to building up the company’s corporate governance, digital transformation, customer experience, corporate culture, and other areas of the business.

In particular, on corporate governance, Mekong Capital recruited Adrian Micu, former President and CEO of Haier U.S. and former Global CTO of Whirlpool, as an independent board director, bringing deep global appliance-industry expertise to Mutosi’s board.

Mekong Capital also partnered with management to sharpen manufacturing efficiency and focus the business on higher-margin products and distribution channels. These initiatives expanded gross margins and helped position Mutosi for sustained growth.

The transaction brings together Mutosi’s product expertise, manufacturing capabilities, and strong position in Vietnam’s residential water purification market with Ariston’s nearly four-decade presence in Vietnam, established nationwide distribution network, and operational scale across the water heating and water comfort categories, positioning Mutosi to accelerate its next phase of growth as part of a global platform.

Tran Trung Dung, CEO of Mutosi, shared: “Through its Vision Driven Investing methodology, Mekong Capital assigned some of its most outstanding internal professionals to work alongside us, while also connecting Mutosi with world-class external experts. This support has played an important role in helping Mutosi mature and strengthen its capabilities across a wide range of areas, including the co-creation of our Vision, strategic repositioning, organizational development, corporate culture building, talent development, digital transformation, customer experience, and business model transformation.

Most importantly, Mekong Capital introduced and applied effective coaching methodologies that helped our people break through conventional and limiting mindsets, become more open and ready for change, and take 100% ownership of their commitments, actions, and business results.

With this partnership and support, Mutosi’s leadership team has progressively strengthened its self-reliance and management capabilities, enabling the company to navigate some of the most challenging macroeconomic periods, particularly in 2022 and 2023. At the same time, we have gradually established a more sustainable unit economics model and achieved a number of important short- and medium-term Vision milestones during 2024 and 2025.

We would like to extend our special recognition and heartfelt appreciation to Mekong Capital for its invaluable partnership, contribution, and support throughout this journey”.

Chad Ovel, Partner at Mekong Capital, commented: “Mutosi’s journey reflects Mekong Capital’s long-standing approach of partnering with talented founders in Vietnam’s consumer sector and supporting them through every stage of building an enduring business. CEO Tran Trung Dung’s vision and hands-on leadership drove Mutosi’s growth. He took it from an early-stage business to a company Ariston recognized as the right platform to enter Vietnam’s water purifier market. We are proud of what he and the Mutosi team have achieved. And we believe Ariston Group, with its scale, distribution reach, and deep experience in the water comfort category, is the right partner to support Mutosi’s continued growth. We wish the team every success in this next chapter.”

About Mekong Capital

Founded in 2001, Mekong Capital is a growth capital firm specializing in large minority investments in Vietnam-focused companies founded by entrepreneurial co-founders. Its sector expertise spans consumer, education, healthcare, biotechnology, agricultural technology, and, more recently, regenerative agriculture. Mekong Capital’s funds were early-stage private equity investors in many companies that are now well-known market leaders in Vietnam.

CONTACTS

www.mekongcapital.com

Corporate Communications
Do Hieu Trung, Head of Communications
hieutrung@mekongcapital.com