European private-equity firm EQT is weighing options to sell Singapore headquartered Classic Fine Foods, in a deal that may be worth upwards of $300 million, an executive aware of the development said.
EQT had bought Classic Fine Foods (CFF) in January 2011 for an undisclosed amount. The acquisition was through its EQT Greater China II Fund that makes control or co-control investments in high-quality market leading, medium-sized companies in attractive industries in Asia. EQT Greater China now owns 96 per cent of CFF while the management holds the remaining 4 per cent.
CFF was incorporated in 1999 and has since been built through a combination of acquisitions and greenfield initiatives.
Classic Fine Foods specialises in sourcing importation, storage, marketing and distribution of fine foods products, and its range includes premium and niche dairy, meat, pastry, gastronomies, seafood, high quality perishables, condiments, pasta and dry products. Outside Singapore, it operates in Hong Kong, Macau, China, Japan, Malaysia, Indonesia, Korea, the Philippines, Thailand, Vietnam, United Arab Emirates, UK and France. It also operates its own sourcing organisation in Rungis, France.
The company had registered sales of around $200 million in 2013, and earnings before income tax, depreciation and amortization for this period was $16 million.
According to its website, EQT has raised EUR 22 billion so far from over 300 global institutional and professional investors, and more than EUR 13 billion has been invested in around 120 companies, and the private equity firm owns around 60 companies in a variety of industries across the world with more than 500,000 employees and revenues of roughly EUR 25 billion in total.