EQT köper Kina-bageri

Det skriver AltAssets.

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Köpet kommer att genomföras under en tvåårsperiod förutsatt att vissa villkor uppnås.

Företagets ledning kommer att behålla resterande ägarandel på 35 procent.

Bageriföretaget är fokuserat på de kinesiska regionerna Chongqing och Guiyang, men har även försäljning i Chengdu och Shanghai.

EQT har nu en trepunktsplan för företaget:

• att öka antalet butiker i befintliga regioner

• att öka produktiviteten per butik (färre anställda?)

• att utöka sortimentet av bageriprodukter för fester (tårtor?)

Quinyan Bakery har över 2000 anställda som jobbar i fyra bagerifabriker och 220 butiker.

Nyförvärvet kan läggas till köpet av ett annat Kina-företag som EQT genomfört nyligen; Modern Metals.

Martin Mok är partner på EQT i Hongkong och kommenterar bageriaffären i AltAssets:

– Qinyuan är ett ledande och betrott kinesiskt bagerivarumärke i en snabbväxande bransch, säger han.

– Företaget passar bra in i EQT Storkinas investeringsstrategi.

– Grundarna har under de 21 år som bageriföretaget funnits, byggt upp en väldigt bra verksamhet både vad gäller tillväxt och lönsamhet.

– När vi nu går in i nästa utvecklas fas, kommer EQT Storkina att bidra med sin branscherfarenhet från detaljhandelssektorn – men även från den europeiska bageribranschen där EQT har stor erfarenhet.

Så här skriver EQT i ett pressmeddelande om affären:

”December 21, 2010

EQT Greater China acquires 65% of Qinyuan Bakery, one of the leading bakery chains in Southwest China

EQT Greater China and founders teaming up to boost further growth

EQT Greater China II (“EQT Greater China”) acquires a majority stake in Qinyuan Bakery (“Qinyuan” or the “Company”). Qinyuan is the leading retail bakery chain in Southwest China with a market share of approximately 40% in its two main markets, namely Chongqing and Guiyang. The Company‘s product offering, including pastries, cakes, cookies, beverages, mooncakes and rice dumplings, is supported by its long-established brand, customer loyalty and strong value proposition. As of November 2010, Qinyuan had a network of 223 stores, four bakery plants and approximately 2,100 employees across four markets with over 35 million directly accessible consumer population.

EQT Greater China will, over a two-year period and subject to certain conditions, acquire a total of 65% of the Company while the founding entrepreneurs will retain the remaining 35%. The founders, Ms. Congmei Liu and Mr. Zexiang Chen, established Qinyuan in 1989 and have since developed the bakery chain into a successful retail business and a high growth festive products business. Qinyuan’s store network covers Chongqing (headquarter), Guizhou, Chengdu and Shanghai. Qinyuan’s offering has a modern, healthy and family oriented concept targeting the mainstream mid-end consumers. The stores are strategically located and profiled to cater to the needs of a broad customer base – from home breakfast consumers in residential areas, to city dwellers such as students and businessmen, to lifestyle seekers enjoying a cup of coffee with pastries.

“Qinyuan is a leading and trusted Chinese bakery brand in a fast-growing industry and this fits well into EQT Greater China’s investment strategy. The founders have, over the 21 years in operation, built a very good business both in terms of growth and profitability. When entering the next development phase, EQT Greater China will contribute its industry knowledge from the retail sector but also from the European bakery sector in which EQT has significant experience”, says Martin Mok, Partner at EQT Partners in Hong Kong.

“We look forward to working together with EQT Greater China. Their strong global industrial experience plus their understanding of the local markets will be extremely valuable to Qinyuan when taking the business to the next level”, says Ms. Congmei Liu, Qinyuan’s co-founder and General Manager.

The bakery market in China is forecasted to exhibit significant growth prospects for the coming years and the Chinese consumption behavior for bakery products is tracking well the historical patterns observed in other more mature markets in Asia. The growth of Southwest China has also received ample attention recently. EQT Greater China will initially focus on expanding Qinyuan’s store footprint in current geographies, leveraging on the current strong market positions. Other strategic initiatives include enhancing store productivity, expanding the festive products business and entering new markets.”