PE funds to battle for Japanese sweetner specialist
South Korean conglomerate CJ Group and Japanese PE fund Unison Capital are believed to be part of a consortium pursuing sweetener manufacturer Hayashibara, also of Japan.
Citing unnamed sources close to the deal, Reuters reports that the CJ-Unison bid faces competition from the likes of Japanese glucose- and starch-product maker Gun-ei Chemical and its partner, PE firm Polaris. News surfaced in April that Advantage Partners, J-Will Partners and TPG were also vying for the deal, as well as Mitsubishi Corp. and Toyota Tsusho Corp. Final bids are expected to be submitted early next month.
Hayashibara launched in 1883 as a small company producing starch syrup, and later moved into ingredients used in food, pharmaceuticals and cosmetics. The company is now a leading manufacturer of trehalose, a natural fungus used in frozen foods, beverages, beer, snacks and confectionary products.
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