Trustar Capital is considering selling Amoy Food Ltd., the 115-year-old Hong Kong soy sauce maker, according to people familiar with the matter.
(Bloomberg) — Trustar Capital is considering selling Amoy Food Ltd., the 115-year-old Hong Kong soy sauce maker, according to people familiar with the matter.
The private equity firm formerly known as Citic Capital Partners has held initial discussions with potential advisers about the divestment, said the people, who asked not to be identified as the information is private. Trustar is seeking a valuation of about $300 million for Amoy, the people said.
Deliberations are at an early stage and Trustar could decide to keep the asset for longer, the people said. A representative for Trustar declined to comment.
Founded in 1908, Amoy started making soy sauce in Hong Kong two decades later, according to its website. The company has since expanded its offerings to include other seasoning products such as oyster sauce and sesame oil as well as frozen food like dim sum and dumplings. Its goods are also available in China, Southeast Asia, Europe, Canada, Japan, the US and Australia.
Trustar acquired Amoy from Japanese seasoning firm Ajinomoto Co. in 2019 for an undisclosed amount. Ajinomoto bought the Amoy business from Danone for about HK$1.8 billion ($229 million) in 2006. Before Danone bought the company in 1991, its major shareholders included American baking giant Pillsbury, Hong Kong property tycoon Ronnie Chan’s Hang Lung Development Co. and Malaysian conglomerate Sime Darby Bhd.
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