Chinese Healthy Food and Bakery Chain Wagas Weighing Sale

(Bloomberg) -- Wagas, a cafe business in China serving light and healthy food, is exploring a sale amid interest from potential investors, according to people familiar with the matter.

The closely-held firm is working with a financial adviser to help find a buyer, the people said, asking not to be identified because the matter is private. A sale could value the Shanghai-based business at $500 million to $600 million, the people said. 

Wagas has attracted preliminary interest from investors including private-equity firms and other food companies, the people said. 

Sale considerations are at an early stage and no final decision has been made, the people said. Wagas did not immediately respond to calls and emails seeking comment.

Founded in 1999 as a cafe in Shanghai, Wagas has since expanded across China, counting more than 160 stores in 11 major cities, according to its website. It sells light food including power salads, pasta, sandwiches, juices and coffee. 

In 2010, it launched Baker & Spice, a cafe and retail bakery specializing in European breads, sourdoughs, pastries and cakes. It has more than 33 stores, its website shows.

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With assistance from Bloomberg