McCain Foods is to keep a stake in the Canada-based frozen-food business Wong Wing, which markets a range of Chinese-style products.
Canadian private-equity house Champlain Financial Corp. has teamed up with local asset manager Fondaction to buy a majority stake in Wong Wing, a business McCain acquired in 2002.
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The deal, struck for an undisclosed sum, will lead to the creation of a new entity called MLW Foods, which will operate as a stand-alone business based in Montreal with its own management team. McCain will retain “a minority ownership position” in MLW Foods, it told just-food.
Asked why McCain had sold control of Wong Wing, the company added: “This is an exciting venture and McCain Foods has great confidence in the local management team who will accelerate and unlock more growth.”
Tony Galasso, the former CEO of Canadian frozen-foods business Les Plats du Chef is to become MLW Foods’ executive chairman. He said: “Our experienced leadership team is excited about the partnership and the growth opportunities that the platform will create in new product innovation, new geographic expansion and new channel distribution.”
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