Amoy aims at providing new products that suit the taste of customers, which originates from their care for the needs and expectations of people, according to its website. The group is keen on exploring potential new markets and inventing new products. For example, the premium oyster sauce with scallop and all-purpose marinade are revolutionary products to many home kitchens. In 2000 and 2001, Amoy introduced the Ding Ding Cheong Fun (rice noodle rolls) and Ding Ding Congee respectively, which was a breakthrough in the market of frozen food.
Trustar Capital reportedly mulls selling HK-based Amoy Food
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Chinese private equity firm Trustar Capital (信宸資本) is reportedly mulling to sell its subsidiary Hong Kong soy sauce brand Amoy Food (淘大食品).
According to Reuters, Trustar Capital has hired Citigroup to manage the sale of Amoy Food. While the valuation of the sale is still under discussion, one of the sources told Reuters that Citigroup will be launching a formal sale as soon as next month.Meanwhile, another source told Reuters that the valuation could range from US$300 million to US$400 million.
MARKETING-INTERACTIVE has reached out to Trustar and Amoy Food for a statement.
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Established in 1908, Amoy sells its products such as sauce, soup base, dim sum, ready meal and frozen food to both food services and retail customers across over 40 countries, according to its website. With over 170 years of history, the centennial brand stands firmly by the people of Hong Kong with their products of outstanding quality and take care of the needs and demands from everyone of us. In 1987, Amoy built a production plant in Tai Po. From production, management to packaging and distribution, every single procedure is closely managed and monitored by the company.
Meanwhile, Trustar Capital is a private equity affiliate of CITIC Capital Holdings and invests globally in companies which are capitalising upon the growth and productive resources of the Chinese economy. It operates in China, Japan and the U.S., and have completed over 100 investments since inception, its website shows.
It is not the first time reports have emerged around Amoy Food reportedly being sold. Back in April, a report by Bloomberg said Trustar Capital was considering selling Amoy. A person familiar with the matter told Bloomberg that the private equity firm held initial discussions with potential buyers of Amoy Food. The person added that Trustar was seeking a valuation of approximately US$300 million for Amoy.
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