Investment fund Baring Private Equity Asia has spent US$135m to acquire a stake in Chinese confectioner Hsu Fu Chi.

Baring said that the company was well-placed to benefit from growing Chinese consumption of confectionery products.

A spokesperson for the fund added that it was attracted to Hsu Fu Chi's position in the Chinese confectionery sector and its strong brands.

Hsu Fu Chi sells products under its own name as well as the DoDO, Chaobii, Mo Bao and Mao Qiao Bo brands.

Baring has acquired a 16.5% stake in the group.