Bahraini investment company Investcorp has agreed to acquire a majority stake in instant cereal and beverage company Viz Branz Holdings from its existing shareholder and CEO Ben Chng.

Investcorp said that the deal was concluded in partnership with the Asia Food Growth Fund I.

Financial details of the deal have not been disclosed.

Investcorp co-CEO and Asia Food Growth Fund Investment Committee chairman Hazem Ben-Gacem said: “We are proud of our growing Asian investment platform. To date, Investcorp has invested over $1bn in Asia, mostly in China. This transaction represents an exciting opportunity in a market-leading company and in what we believe is an attractive, resilient sector with substantial growth dynamics.

“We believe that Viz Branz is well-positioned for expansion through increasing distribution in China and other parts of South-East Asia, delivering product innovation and investing in the company’s operational and multi-channel capabilities as well as through add-on acquisitions.

“We believe that the company’s market-leading positions could be leveraged to create a sizeable branded, packaged F&B platform in China and South-East Asia.”

Headquartered in Singapore, Viz Branz manufactures and distributes its food and beverage brands across China and South-East Asia.

It offers its products under various brands, including Gold Roast, Calsome, Royal Myanmar Tea and Cafe 21 brands.

With a workforce of nearly 1,300 employees, Viz Branz has manufacturing facilities and operations in China and Myanmar.

For the 12 months period ended 30 June 2020, Viz Branz is said to have generated S$170m ($126m) in sales.

The acquisition of Viz Branz would be Investcorp’s 16th investment in the food and beverage industry in the past three decades.

According to the agreement, Chng will continue to maintain a significant ownership stake in Viz Branz.

Chng said: “We have worked tirelessly at Viz Branz to make nutritional and quality food and beverages available and convenient for all families.

“Joining forces with Investcorp, China Resources and Fung Investments is an important milestone in our evolution and will unlock significant opportunities for our business.

“Through our new partnership, Viz Branz will have access to additional resources and expertise that we believe will accelerate our growth plans and enable us to flourish for many years to come.”