Trustar Capital, a prominent Chinese private equity company, is deliberating the sale of its revered Hong Kong-based subsidiary, Amoy Food, a leading soy sauce brand.
Reports suggest that Citigroup has been brought on board by Trustar Capital to facilitate the sale of Amoy Food. The sale’s value is yet to be finalised; however, insiders have hinted at a probable launch of the formal sale next month. Estimates predict a potential valuation between US$300 million and US$400 million.
Amoy Food, a well-established brand since 1908, is renowned worldwide for its high-quality range of Asian food products. It serves both retail and food services customers across more than 40 countries with an assortment of sauces, soup bases, dim sum, ready meals, and frozen food items. An integral part of Hong Kong’s culinary culture, Amoy Food is also committed to innovation and customer satisfaction, continually exploring new markets and product lines.
Trustar Capital, an affiliate of CITIC Capital Holdings, is a global private equity firm, investing in companies that leverage the growth and resources of the Chinese economy. With operations in China, Japan, and the U.S., the firm has a track record of over 100 investments since its inception.
Also read: Spreading The Flavours Of Soy, One Country At A Time – Kikkoman Soy Sauce
This isn’t the first whisper about a possible sale of Amoy Food. Earlier in April, Bloomberg reported that Trustar Capital was contemplating the sale of the famed soy sauce brand.
This news is based on reports by Marketing Interactive.