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Chinese PE firm Hony Capital injects $100m into HK-listed catering, retail unit

Thursday, January 16, 2020


(DealStreetAsia by Eudora Wang) - Chinese private equity firm Hony Capital has agreed to invest up to HK$780 million ($100 million) in its Hong Kong-listed catering and retail arm Best Food Holdings.

Hony Capital entered into an agreement on Monday to subscribe to bonds that will convert into over 661 million shares at a price of HK$1.18 ($0.15) apiece, according to a document Best Food filed with the Hong Kong stock exchange.

The transaction for Beijing-based Hony Capital will be routed through Hony Capital Fund VIII, which was closed at $2.7 billion in capital commitments in April 2016.

The Hony Capital Fund VIII primarily backs companies in the fields of construction, pharmaceutical, consumer goods, retail, energy and financial service in the Greater China area. It distributes about 50 per cent of the capital to Chinese state-owned companies, as well as private firms undergoing restructuring, transformation, or financial distress.

 

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