Investcorp has invested in Heritage Foods, a buy-and-build platform of condiments and sauces brands with long-standing heritage in Singapore, Malaysia and Japan.
The transaction was in partnership with China Resources and Fung Strategic Holdings Limited 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.
Monica Tsui, Managing Director of Fung Investment Management Limited says: “We are delighted for the Fund to achieve this great milestone. Through our partnership with Investcorp and China Resources, Fung Strategic Holdings will continue to deepen our penetration in the seasoning, sauces and condiments sector by leveraging our partnerships access in China, the Middle East and the rest of the world. The fragmented sauces and condiment market in Asia offers many exciting bolt-on acquisition opportunities to further our growth plans.”
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, following the investments made in Viz Branz and City Super Group last year.
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