HONG KONG, Jan. 19, 2011 /PRNewswire-Asia/ --
﹛﹛-- EQT Greater China acquires Classic Fine Foods Group, a leading
multinational importer and distributor of fine foods to high-end
hotels and restaurants
﹛﹛-- EQT Greater China to focus on growth and geographic
expansion
EQT Greater China II ("EQT Greater China") has acquired Classic
Fine Foods Group ("CFF" or the "Company") from UK-based Vestey
Group Ltd. EQT Greater China now owns 96% of CFF while management
holds the remaining 4%.
(Logo: http://www.prnasia.com/sa/2010/12/20/20101220389728.png
)
CFF is the leading multinational importer and distributor of fine
foods, serving the vast majority of five-star hotels and high-end
restaurants in Asia. The Company is involved in sourcing and
procurement, import and export, storage and handling, marketing and
distribution of high-end fine foods products such as dairy, meat,
pastry, gastronomies, seafood, high quality perishables,
condiments, pasta and dry products.
CFF was incorporated in 1999 and has since been built through a
combination of acquisitions and greenfield initiatives. Today, the
Company has operations in 11 markets, including Hong Kong, Japan,
Singapore, Malaysia, United Arab Emirates, UK, the Philippines, and
Vietnam and is the market leader in the majority of the countries
where the Company is active. Asian markets together represent more
than 80% of CFF's total sales. Sales in 2010 are expected to reach
approximately EUR 94 million. The Company has grown approximately
15% annually over the last 3 years.
CFF has a very strong sourcing network of suppliers, mainly
Europe-based, offering the customers leading brands on an exclusive
basis. The Company has excellent customer relationships not only
with five-star hotels and high-end restaurants but also with
customers such as airlines, social clubs, cruise lines, supermarket
chains, department and delicatessen stores.
"EQT Greater China was attracted by CFF's strong market position,
its track record and entrepreneurial spirit among management and
country managers. The Company also has outstanding relations with
both suppliers and customers. CFF is a well run business with
numerous opportunities to develop and grow. We believe that EQT's
experience from the sector and history of developing similarly
international, premium businesses will make EQT Greater China a
good owner. We will focus on expanding the product offering but
also look into the possibilities of entering new markets, for
instance China," says Massimo Rossi, new Chairman of the Board of
Directors of CFF and Industrial Advisor of the EQT Industrial
Network.
In addition to the Chairman Massimo Rossi, the Board of Directors
will consist of Dennis Malamatinas (previously CEO of Burger King
and currently Board Member of EQT IV-owned SSP) and John Lim
(previously CEO of Cold Storage and currently Deputy Chairman of
Fairprice, Singapore). The new Board of Directors holds vast food
and distribution experience and will contribute with industry
knowledge from both the Asian and European markets. Simon Griffiths
from EQT Partners Singapore will also join the Board of Directors
of CFF.
The Asian fine foods market has shown robust growth and this is
expected to continue as a result of economic growth and an
increased consumer taste and interest for Western fine cuisine. New
premium hotels and high-end restaurants are thriving in the Asian
Pacific region, creating exciting opportunities for CFF and its
comprehensive offering of fine foods. EQT Greater China will,
together with the management of CFF, work intensively to capture
these opportunities and to develop and grow CFF even further.
Initially, the strategic initiatives will include geographic
expansion and expanding the product range.
About EQT
EQT is the leading private equity group in Northern Europe with
around EUR 13 billion in raised capital and multiple investment
strategies. Together with a superior network of Industrial
Advisors, EQT implements its business concept by acquiring or
financing good medium-sized to large companies in Northern and
Eastern Europe, Asia and the United States, developing them into
leading companies. Development is achieved by applying an
industrial strategy with focus on growth. Since inception, EQT has
invested EUR 8.9 billion in more than 80 companies and exited
around 40. EQT-owned companies have more than 500,000
employees.
EQT Greater China makes control or co-control investments in
high-quality market leading, medium-sized companies in attractive
industries in Asia with a potential for top-line growth.
EQT Partners, acting as investment advisor to the managers of each
EQT fund, has more than 100 investment professionals with an
extensive industrial and financial competence. EQT Partners has
offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo,
London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw
and Zurich.
More information can be found on www.eqt.se
Contacts:
Simon Griffiths, Senior Partner Singapore, +65-6595-1834
Johan Hahnel, Communications & PR, +46-8-506-55-334
SOURCE﹛EQT Greater China II