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Investcorp buys controlling stake in Singapore instant cereal maker Viz Branz
[SINGAPORE] Bahrain's Investcorp said on Monday it has agreed to acquire a majority stake in Singapore-based Viz Branz Holdings, an instant cereal and beverage maker, from its existing shareholder and chief executive officer (CEO) Ben Chng.
Viz Branz is a family-owned manufacturer and distributor operating across China and South-east Asia. Its brands include Gold Roast, Calsome, Royal Myanmar Tea and Cafe 21.
It generated S$170 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 per cent 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.