Zoyi buys stake in Taiwanese pineapple cake maker

Financial details were not disclosed. Vigor Kobo, which trades on Taiwan's over-the-counter GreTai Securities Market, was set up in 1992 as a traditional bakery chain but subsequently transformed itself into a souvenir shop operator specializing in baked goods.

The company has 16 self-owned stores and "tourist factories" throughout Taiwan and another in Shanghai. It also has partnerships with 400 travel agencies across the island, leveraging these relationships to bring in tourists, particularly visitors from the mainland.

"Led by the visionary and close-knit management team, Vigor Kobo will leverage its high quality products and strong brand awareness to capture the continued increase in tourists to Taiwan, which has been growing at double-digit rate in recent years," said Andrew Kuo, founding partner and CEO of Zoyi, in a statement.

Vigor Kobo reported a net income of NT$177.7 million ($5.9 million) in 2013, up from NT$91.7 million in 2012. Revenues slipped slightly over the 12-month period to NT$1.2 billion after nearly doubling the previous year

Zoyi was set up by Kuo, formerly of The Blackstone Group, and Pei-Pei Yu and Eric Chen, who previously worked for Goldman Sachs and Fullerton Financial, respectively. They focus on leading mid-cap companies operating in China and Taiwan, with a preference for buyout or significant minority positions.

The firm, which is targeting $300 million for its debut fund, made its first investment in March, paying $30-40 million for a controlling stake in Chinese apparel brand Pink Mary. It was followed by a $20 million commitment to Camelot Information Systems, a US-listed Chinese enterprise application and financial IT services provider that is subject to a management buyout offer.

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• Topics
• Expansion
• Consumer
• Greater China
• Growth capital
• Consumer
• China
• Taiwan (China)