A private equity firm sells Guangzhou-based Foodstar to Heinz.
Food-products giant H.J. Heinz announced Monday that it has agreed to buy China-based soy sauce and fermented-bean-paste maker Foodstar for an initial $165 million.
The deal also includes a possible earn-out payable in 2014, based on the performance of the business.
Foodstar, based in Guangzhou, China, is being sold by private equity firm Transpac Industrial Holdings Ltd. Foodstar makes the popular Master Weijixian light premium soy sauce brand, as well as Guanghe fermented bean curd.
Heinz CEO William R. Johnson commented, "The acquisition of Foodstar gives Heinz a strong growth platform in China's huge, rapidly growing soy sauce market. Foodstar's leading brands have strong equity with Chinese consumers, and they are a natural fit with our core global capabilities in sauces and condiments."
Food-products giant H.J. Heinz announced Monday that it has agreed to buy China-based soy sauce and fermented-bean-paste maker Foodstar for an initial $165 million.
The deal also includes a possible earn-out payable in 2014, based on the performance of the business.
Foodstar, based in Guangzhou, China, is being sold by private equity firm Transpac Industrial Holdings Ltd. Foodstar makes the popular Master Weijixian light premium soy sauce brand, as well as Guanghe fermented bean curd.
Heinz CEO William R. Johnson commented, "The acquisition of Foodstar gives Heinz a strong growth platform in China's huge, rapidly growing soy sauce market. Foodstar's leading brands have strong equity with Chinese consumers, and they are a natural fit with our core global capabilities in sauces and condiments."
