As succession strategy goes awry private equity buys family firms

Smaller consumer and retail firms are buyout targets, but technology and education still stay out of investors' reach

After spending half his lifetime building the family snack food company in the eastern Chinese city of Hangzhou, Yao Weizhong had run out of steam.

His 22-year-old son showed little interest in the business, and Yao needed fresh capital and expertise to keep it growing.