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Phoon Huat said to start sale process
[SINGAPORE] Phoon Huat & Co, the Singapore company that's been selling baking ingredients such as pie fillings and confectioners' sugar since 1947, is seeking a buyer, people with knowledge of the matter said.
The company has sent out preliminary information to potential bidders and asked for first-round bids next month, according to the people. The Wong family that controls Phoon Huat is seeking about S$250 million from the sale, which includes the company's real estate, one of the people said, asking not to be identified as the information is private.
Phoon Huat, led by Managing Director Wong Chen Liong, provides baking ingredients under brands including "Red Man" to restaurants and hotels. It also runs 11 retail stores across Singapore selling supplies such as cookie sheets and cupcake liners and offers classes teaching amateur bakers how to make the perfect croissant or chocolate truffle, according to its website.
The sale has drawn interest from private-equity firms as well as overseas companies, one of the people said. A representative for Phoon Huat didn't immediately respond to an e-mail seeking comment.