EQT buys fine foods group

Massimo Rossi, the new Chairman of the Board of Directors of CFF and Industrial Advisor to the EQT Industrial Network, publicly stated that the company will focus on expanding its product offerings while exploring expansion in new markets such as China.

In addition to Rossi, Dennis Malamatinas, former CEO of Burger King and current Board Member of EQT IV-owned SSP; John Lim, ex-CEO of Cold Storage and current Deputy Chairman of Fairprice in Singapore; and Simon Griffiths from EQT Partners Singapore will also join the board.

AVCJ asked if the issue of rising food prices in China would be a concern for CFF's expansion plans. Simon Griffiths told AVCJ, "Food prices are of course important, but CFF works with high-end ‘fine' foods, so it is a special segment of the market" which is less affected by food price fluctuations.

For CFF, Asian markets together represent more than 80% of total sales annually, and the company expects to see revenue of €94 million ($128.4 million) for the fiscal year 2010. Over the past three years the company has grown on average around 15% per annum. Additionally, prospects for the company are positive, said Griffiths, because CFF is the only international player in the industry and is operated by an experienced management team.

"EQT will also be able to support the company's growth through our own networks," he concluded.

CFF was established in 1999, the company had been 100% owned by Vestey, a fourth-generation business originally launched in 1897 and still owned by its founding family members. It has operations in 11 markets, including Hong Kong, Japan, Singapore, Malaysia, the United Arab Emirates, the UK, the Philippines, and Vietnam. As a multinational importer and distributor of fine foods, CFF supplies a wide range of products, including dairy, meat, pastry, seafood, high quality perishables, condiments, pasta and dry products to five-star hotels as well as high-end restaurants mainly in Asia. In addition, the company also has clients such as airlines, social clubs, cruise lines, supermarket chains and department and delicatessen stores.

EQT Greater China II is advised by the Greater China team of Northern European private equity firm EQT Partners. Launched in 2006, EQT Greater China II has committed capital of $535 million.

 

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• Topics
• Greater China
• Buyouts
• EQT Partners