Japan-based sugar group Fuji Nihon Seito Corp. has bought 87.8% of local food maker Unitec Foods.
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The sugar manufacturer purchased shares from funds managed by BF Partners KK and Mitsui Sumitomo Insurance Venture Capital Co., Ltd.
Unitec is a manufacturer of processed foods.
Seito said the deal would grant it access to the healthy foods market, an area identified as key to its “long term business strategy”.
“We will benefit from the company’s primary business functions in sales and technology and in building a relationship… [Unitec] can also be enhanced,” Seito said.
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By GlobalDataThe transaction is expected to close in a matter of days, the company has indicated.
