F&B Nutrition, a producer and marketer of dairy products, has been sold by Malaysia-based can manufacturer Can-One to Asia Dairy Creations in a MYR1bn (US$241m) deal.

Asia Dairy Creations is a special purpose vehicle managed by regional private-equity firm Southern Capital Group.

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F&B Nutrition makes products including sweetened creamer and evaporated creamer.

In a filing with the country’s stock exchange, Bursa Malaysia, Can-One said its board has deliberated on the offer and has decided to accept it on the terms, and subject to conditions, set out in the term sheet.

Can-One said the offer will be subject to a definitive agreement and other ancillary agreements being entered into between Can-One and Asia Dairy Creations within 30 days from the date of acceptance of the offer.

F&B Nutrition is 20%-owned by Can-One, while the remaining 80% is held by Amber Alliance, a wholly-owned subsidiary of Can-One.

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Southern Capital is a private-equity firm focused on buying out high growth, middle market businesses in south-east Asia.

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