CJ Cheiljedang said on May 23 that the US private equity fund Bain Capital has invested $320 million in its American unit.
Bain Capital will acquire a 27 percent stake in CJ Cheiljedang’s wholly owned subsidiary CJ Food America, an affiliate of the South Korean food and entertainment conglomerate CJ said in a regulatory filing.
“The cooperation with Bain Capital will not only strengthen competitiveness in the global foods market but also is expected to relieve financial burden,” said a company official who asked not to be named.
The investment comes after CJ Food America acquired a 70 percent stake in US frozen foods firm Schwan’s Co. for around $1.84 billion.
The move was aimed at strengthening CJ’s food manufacturing and distribution in the US, as well as at increasing its R&D capabilities, the company said.
By Ram Garikipati and newswires (firstname.lastname@example.org)