Chinese condiment manufacturer Foshan Haitian Flavouring and Food Company has acquired Amoy Food from private-equity group Trustar Capital.
The financial terms of the deal for Hong Kong-based Amoy were not disclosed.
In a statement, Trustar confirmed it has sold its “entire equity interest” in Amoy Food to Haitian, which holds dual listings in Shanghai and Hong Kong.
Founded in 1908, Amoy makes products including soy sauce, oyster sauce, seasoning sauces and frozen dim sum.
According to the company's website, it distributes in “more than 40 countries”, including the US, the UK, Canada, Australia, and Japan.
Trustar acquired Amoy’s global business in 2019 from Ajinomoto. Reports the private-equity firm was looking to sell the asset emerged in 2023.
Following the acquisition, Haitian and Amoy Food plan to integrate their distribution channels, production networks and supply chains to capture “new opportunities for long-term growth and sustainable development,” according to the Trustar announcement.
Haitian operates across product categories including soy sauce, oyster sauce, vinegar, ketchup and seasonings.
In the first six months of the year, Haitian posted total revenue of 16.15bn yuan ($2.41bn), a near-6% increase from 15.23bn yuan in the prior-year period.
Profit from operations grew to 4.96bn yuan from 4.66bn yuan in the first half of 2025. Net profit attributable to shareholders of the parent company increased 7.2% to Y4.19bn.
Citing data from Frost & Sullivan, Haitian said the Chinese condiments market size is projected to increase from around Y511.3bn in 2025 to approximately Y689.7bn in 2030, which would equate to a compound annual growth rate of 6.2%.
