China-based snacks firm Sichuan Huiji Food Co. has sold a majority stake to the country’s Grass Green Group, the investment arm of privately-owned agricultural major New Hope Group.

The exact size of the stake disposed of and financial terms were not disclosed in a statement.

Lu Jingang, the founder and chairman of Sichuan Huiji, said: “New Hope Group is a leading conglomerate in China with a strong presence and premium market position in the agriculture and food industries. We’re delighted to partner with a market leader which will bring valuable expertise in supply-chain management and channel expansion to us at this pivotal stage of our evolution. We believe our partnership will create significant synergies for both parties.”

Green Grass has also formed a “strategic partnership” with Huiji, which makes better-for-you branded snacks and will continue to be led by Lu.

Xi Gang, the president of Grass Green, added: “Huiji is a leader in the snack food sector with high quality products and a professional management team. We’re excited to partner with Mr. Lu and his team to continue to upgrade the snack food industry, leveraging Huiji’s strong brand and product development capabilities.”

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By GlobalData