Pursuits
StanChart PE Buys Singapore Baking Supply Shop Phoon Huat
- Bank’s PE arm buys family-owned maker of ‘Red Man’ pie filling
- Deal follows Metro purchase of distributor Classic Fine Foods
This article is for subscribers only.
Standard Chartered Plc’s private-equity arm has invested in Phoon Huat & Co., the Singapore company that’s been selling baking ingredients such as pie fillings and confectioners’ sugar since 1947.
Standard Chartered Private Equity bought a “significant stake” in Phoon Huat, it said in an e-mailed statement Monday. The investment firm completed the purchase of a majority holding in Phoon Huat last week, valuing the business at S$150 million ($112 million) to S$200 million including debt, according to a person with knowledge of the matter, who asked not to be identified because the information is private.