Bain Capital buys stake in Korean food giant CJ CheilJedang's US unit for $320m

The CJ Group logo is displayed at the company's headquarters in Seoul, South Korea. Photographer: SeongJoon Cho/Bloomberg

Listed South Korean food giant CJ CheilJedang has announced that US private equity firm Bain Capital has acquired a 27 per cent stake in its wholly owned US subsidiary CJ Foods America Corp for $320 million.

In a disclosure to the Korean Exchange, CJ CheilJedang said the deal will give Bain Capital a 19 per cent stake in US frozen food firm Schwan’s Co. CJ Foods America acquired a 70 per cent stake in Schwan’s for $1.84 billion in November 2018. The remaining 30 per cent is held by existing shareholders.

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