MANAMA: Investcorp has announced an investment in Heritage Foods, a buy-and-build platform of leading condiments and sauces brands with long-standing heritage in Singapore, Malaysia and Japan.
The Bahrain-based alternative investment manager said the transaction was in partnership with China Resources and Fung Strategic Holdings and concluded through the Asia Food Growth Fund I, a dedicated private equity fund investing in a diversified portfolio of food-related companies in Asia.
Heritage Foods was established in 2015 and is principally involved in the investment and reorganisation of food businesses in the fast-moving consumer goods market in Asia, in addition to the acquisition of food brands with a strong Asian heritage to expand their global presence.
Headquartered in Hong Kong, with regional head offices and manufacturing plants in mainland China, Japan, Singapore and Malaysia, the company employs over 300 people and has a global network of over 30 distributors in China, Southeast Asia, South Asia, Middle East, Europe and the US.
The company has a diversified portfolio of well-known and established brands across Asia with a long-serving history, including Hamada Shoyu in Japan and Woh Hup Food in Singapore.
Hazem Ben-Gacem, co-chief executive of Investcorp and chairman of the Asia Food Growth Fund Investment Committee commented: “We believe that the Asia food sector continues to offer attractive growth opportunities and we see that Heritage Foods is poised to achieve significant scale. The global sauces and condiments market size is estimated to be at $130 billion and is growing at 5-6 per cent CAGR, with Asian sauces accounting for over 50pc of the global market. We see attractive macro trends in Asia’s rising middle class, high household consumption of sauces and rapid growth in casual dining, further driving market growth. We look forward to this partnership and supporting the company in its global expansion plans and realising its full potential.”
The transaction represents Investcorp’s 21st investment in the food and beverage industry in over three decades across the US, Europe, Mena and Asia and is the third that Investcorp made as part of its Asia Food Growth Fund I.
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