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Advent in Advanced Talks to Buy Chinese Bakery Chain Wagas, Sources Say

  • U.S.-based private equity firm has emerged as likely buyer
  • Advent, Wagas in process of finalizing terms of potential deal
A Wagas cafe in Shanghai Hongqiao International Airport.

A Wagas cafe in Shanghai Hongqiao International Airport.

Source: SOPA Images/LightRocket/Getty Images

By
Bloomberg News

Advent International is in advanced talks to buy Chinese health-food and bakery chain Wagas, according to people familiar with the matter.

The Boston-based buyout firm has emerged as the likely buyer of the closely held company after beating rival bidders, the people said, asking not to be identified because the deliberations are private. The investor is firming up details of a deal agreement that could be reached as soon as in the coming weeks, the people said.