Trustar Capital has completed the sale of Hong Kong-based food manufacturer Amoy Food to Foshan Haitian Flavouring and Food, marking the private equity firm’s exit seven years after its acquisition.
Founded in 1908, Amoy Food makes soy sauce, oyster sauce, seasoning sauces and frozen dim sum products, with a sales network spanning more than 30 countries and regions, according to a statement from Trustar.
Haitian, China’s largest condiment manufacturer, will combine Amoy’s brand and distribution network with its own manufacturing and supply-chain capabilities. The companies aim to generate synergies across branding, channels, manufacturing and procurement, Trustar said.
Trustar acquired Amoy’s global business in 2019 and worked to strengthen its corporate governance, expand research and development and manufacturing capacity, improve management capabilities and broaden its international footprint, according to the firm.
The exit comes as private equity firms in the Asia-Pacific region increasingly look to monetise investments in consumer and food businesses through strategic sales to industry players seeking scale and geographic expansion. Ongoing sale processes in adjacent sectors include EQT-backed Indesso in Indonesia and Creador’s Savourés Group.
Trustar said food and beverage remains one of its core investment sectors. The firm focuses on control-oriented investments and has completed more than 100 deals across China, Japan, the US and Europe. It currently manages more than $10.6 billion in assets.
Citigroup advised Trustar Capital on the transaction.
