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Standard Chartered Private Equity takes a 'significant' stake in Phoon Huat
STANDARD Chartered Private Equity (SCPE) has invested in another Singapore food and beverage player, a year after it ploughed US$52 million into Crystal Jade Group Holdings.
It is now taking a "significant stake" in branded food ingredients wholesaler and retailer Phoon Huat Pte Ltd, both companies said in a press release on Monday.
Following the deal, SCPE will provide strategic input into Phoon Huat's business planning and support the management in its development plans, it added.
Phoon Huat managing director Wong Chen Liong welcomed SCPE's investment, saying that it bodes well for the firm's succession planning which it had been putting in place for the last five years.
Said SCPE head of Asean Bert Kwan: "We are honoured to partner with Mr Wong and his family in one of Singapore's flagship, home-grown businesses. It is humbling to have the opportunity to support and extend such an important legacy. We look forward to bringing our management expertise and Standard Chartered Bank's network and capabilities to help take the business further."