DUBAI- Bahrain's Investcorp said on Monday it has agreed to acquire a majority stake in Singapore-based Viz Branz Holdings Pte Ltd, an instant cereal and beverage maker from its existing shareholder and CEO Ben Chng.
Viz Branz is a family-owned manufacturer and distributor operating across China and Southeast Asia. Its brands include Gold Roast, Calsome, Royal Myanmar Tea and Cafe 21.
It generated S$170 million ($126 million) in sales in the year to June 30.
Investcorp did not disclose the acquisition price, which was concluded in partnership with the Asia Food Growth Fund I.
"We believe that Viz Branz is well positioned for expansion through increasing distribution in China," said Hazem Ben-Gacem, co-CEO of Investcorp and chairman of the Asia Food Growth Fund Investment Committee.
China is the largest market for the company, accounting for over 65% of its revenue.
The acquisition of Viz Branz represents Investcorp's 16th investment in the food and beverage industry in over three decades across the United States, Europe, Middle East and North Africa, and Asia, Investcorp said.
($1 = 1.3466 Singapore dollars)
(Reporting by Saeed Azhar; editing by Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: firstname.lastname@example.org))