Emerging markets-focused private equity firm Actis Capital says it has invested in Chinese biscuit brand Jiashili Food Group for a significant minority stake, according to an announcement made by Actis.
The specific terms of the investment were not disclosed.
Actis is investing alongside Jiashili’s current chairman and owner, Huang Xianming, who has grown revenues fourfold since acquiring the business in 2007, says the announcement.
Max Lin, a director in Actis’s China office, will join the Jiashili board.
Founded 58 years ago, Jiashili holds the second biggest share of the plain biscuit market in China.
Since 2001, Actis has invested over US$600 million in consumer companies in China. This new investment is another example of Actis’s investment thesis of backing consumer businesses meeting the demands of the emerging market consumer.
"Branded packaged food, especially snack food, is extremely popular and becoming more so, underpinned by growing disposable incomes and an increased focus on quality and food safety," says Actis’ Max Lin.
Actis invests exclusively in Africa, Asia and Latin America. It has offices in Beijing, Cairo, Delhi, Johannesburg, Lagos, London, Mumbai, Nairobi, São Paulo and Singapore.