|
Heinz – Foodstar acquisition
|
US$165m | |
|---|---|---|
| Synopsis Heinz acquires Foodstar from PE holding company, Transpac Industrial Holdings | ||
| Firm | Client | Role |
|
DLA Piper [Lead partner: Mabel Lui]
|
Transpac | International counsel |
|
Davis Polk & Wardwell [Lead partners: John Bick, Kathleen Ferrell and Mark Lehmkuhler]
|
Heinz | US counsel |
Heinz, the household name for ketchup and baked beans, is further diversifying into soy sauce business in China. With the help of Davis Polk & Wardwell, the company has recently inked a US$165m all-cash agreement to acquire soy-sauce maker Foodstar from Singapore-based PE holding company Transpac Industrial. Transpac sought out DLA Piper for legal advice on this transaction.
By acquiring Foodstar, a Guangzhou-based company , Heinz’s annual sales in China would reportedly increase to US$300m. Heinz has been operating in China since the 1980s when it opened a factory in Guangzhou to produce Heinz infant cereal.
The deal is subject to regulatory approvals from MOFCOM and other customary conditions. ALB
Related stories: