Chinese Sauce Maker Salion Seeks Up to $400 Million in Sale
(Bloomberg) -- Beijing Salion Foods Co., a Chinese manufacturer of condiments and seasonings, is seeking a buyer in a deal that could fetch about $300 million to $400 million, people with knowledge of the matter said.
The owner of the closely-held sauce maker is working with an adviser on the potential sale, said the people, who asked not to be identified as the information is private. First-round bids for the business are due as soon as this month, the people said.
Deliberations for the sale are ongoing, and the owner could decide to keep the business, said the people. A representative for Salion declined to comment.
Founded in 2000, Salion develops and manufactures condiments and seasonings from natural extracts. The Beijing-based firm currently makes more than a hundred different products, including blueberry powder, chicken essence and barbecue sauce, and sells in more than 30 countries such as Japan, South Korea, Singapore and Russia, according to its website.
Any deal would add to the $9.2 billion of announced food-related acquisitions involving Chinese companies over the last 12 months, data compiled by Bloomberg show. PepsiCo Inc., announced last February that it had agreed to buy Chinese snack maker Hangzhou Haomusi Food Co., also known as Be & Cheery, for $705 million. The deal was completed in June.
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