TPG, Japanese PE majors vie for sweet acquisition
Advantage Partners, J-Will Partners and US buyout giant TPG have emerged as potential bidders for Hayashibara, a Japanese sweetener manufacturer.
Other contenders for the asset are said to include Mitsubishi Corp. and Toyota Tsusho Corp. The auction was first reported by Reuters, which added that the first round of bidding be closed on April 12. The company reportedly claimed JPY7 billion ($82.2 million) in revenue for the fiscal year that ended in October. In terms of its sale, GCA Savvian Group has been appointed as a financial advisor for the deal.
Hayashibara launched in 1883 as a small company producing starch syrup. It later developed its business to produce ingredients used for food, pharmaceutical and cosmetic usage. Now, the company is a dominant player in a field that manufactures trehalose, a natural fungus used in frozen foods, beverages, beer, snacks and confectionary products.
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