The owner of Singaporean instant beverage maker Viz Branz Pte agreed to sell a majority stake to the biggest private equity and alternative asset manager in the Middle East.
Bahrain-based Investcorp Holdings BSC said Monday that controlling shareholder Ben Chng will retain “a significant ownership stake” in the company but disclosed no other details, according to a statement, which confirmed an earlier Bloomberg News report.
Chng, who is also the chief executive officer, was planning to sell a 51% stake in a deal that would give the company an enterprise value of as much as $500 million, according to people familiar with the matter, who asked not to be identified as the process is private.
“This transaction represents an exciting opportunity in a market leading company and an attractive, resilient sector with substantial growth dynamics,” Hazem Ben-Gacem, co-CEO of Investcorp, said in the statement.
A representative for Viz Branz did not immediately respond to requests for comment.
Chng took Viz Branz private in 2013 from the Singapore stock exchange in a deal that valued the company at $289 million, according to data compiled by Bloomberg.
Viz Branz, founded in 1988, manufactures and distributes cereal and instant beverage products in China and Southeast Asia under brands including Gold Roast and Cafe 21. It has manufacturing facilities in China, Singapore and Myanmar, and 74 distributors and 12 sales offices in 17 provinces in China, its website shows.
