Nov 21, 2018 (China Knowledge) - Chinese investment firm CITIC Capital has acquired cooking sauce manufacturer Amoy Food from Japanese seasonings giant Ajinomoto, said the statement issued by Ajinomoto on Monday. Ajinomoto will thus transfer 100% of Amoy Food, which it wholly owns, to CITIC Capital Asia Foods.
Ajinomoto will also be subscribing to a 15% stake in CITIC Capital Asia Foods to enter a joint venture (JV) with CITIC Capital. The rest of the JV will be owned by CITIC Capital China Partners III and CITIC Capital Japan Partners III. Through the 15% stake, Ajinomoto will continue to work with CITIC Capital to venture into new businesses in China.
The deal will be completed by the first quarter of 2019 once regulatory approvals are completed. The value of the deal has not been disclosed by either party.
Ajinomoto has been searching for a buyer for Amoy Food to help it with its expansion. The seasonings giant had acquired Amoy from Group Danone for USD 235 million back in January 2006. Amoy Food is known for its cooking sauces and frozen foods with a presence in both North America and Europe.
CITIC Capital currently manages assets worth USD 25 billion with businesses ranging from private equity, real estate, structured investment, finance, and management. It has offices in Hong Kong, Shanghai, Beijing, Shenzhen, Guangzhou, Tokyo and New York.
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