Tsuneo Okubo to take charge of Seiyu as Investment firm KKR becomes majority shareholder

JAPAN – Seiyu’s shareholders confirmed the appointment of Mr. Tsuneo Okubo as CEO even as the Japanese retail chain confirms change of ownership structure. According to a statement from Seiyu, leading global investment firm KKR will now become the majority shareholder in Seiyu after completing the process of acquiring shares of the Japanese supermarket from American retail chain Walmart. With the completion of the transactions, KKR now owns a 65% stake in Seiyu while Japanese technology company Rakuten will control a 20% stake in the chain. The US retail giant…

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Walmart to sell majority stake in Japanese supermarket Seiyu to KKR and Rakuten

JAPAN – American multinational retail corporation has announced plans to sell a majority stake in Japanese supermarket chain Seiyu to investment firm KKR and e-commerce giant Rakuten. The deal which values Seiyu at US$1.65 billion including debt, comes after a long period of speculation about Walmart looking to exit Japan after suffering years of poor profitability amid stiff competition from rivals. According to a report by TechCrunch, KKR will buy a 65% stake in Seiyu, while Rakuten,  Japan’s largest e-commerce company, will take a 20% stake through a newly created…

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Borden Dairy cleared for sale to Capitol Peak Partners and KKR in a US$340m deal

USA – Borden Dairy, an American dairy processor and distributor which filed for Chapter 11 bankruptcy protection in January this year, has been granted court approval to proceed with the sale of the business to private equity firms Capitol Peak Partners and KKR. Borden Dairy revealed that Capitol Peak will assume majority ownership of the company, after the private equity firm and its affiliates acquired substantially all Borden assets while KKR, an existing lender to Borden, will be a minority investor in the approximately US$340 million sale. Following the transaction,…

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Upfield plans US$57m investment in new plant-based foods centre

NETHERLANDS – Upfield Group, one the world’s leading producer of margarines, spreads and cheeses has unveiled plans to invest €50 million (US$57 million) in a new state-of-the-art Upfield Food Science Centre in Wageningen, Netherlands. The company, which plans to open the facility before the end of 2021, said that the investment will support its ambitions in pioneering the development of plant-based foods. Wageningen is already considered the Silicon Valley of the food industry and a world-class location for food innovation and by choosing Wageningen as the location of the new…

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Online pizza marketplace Slice closes US$43m Series C round led by KKR

USA – Slice, an ordering and marketing tech platform for local pizzerias in New York, has raised US$43 million in a Series C funding led by KKR with participation from existing early investors, including GGV Capital. Slice is on a mission to transform independent pizzerias with its specialized technology, data insights, and shared services they need, all at a low fixed cost per order, to serve today’s digital-minded customers. Through its platform, Slice makes it easy for customers to order from their go-to shops and discover their next favorite while…

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KKR makes US$500m equity investment in US Foods Holding Corp

USA – Global investment firm, KKR – through its affiliates – has announced a US$500 million equity investment in American food company and a leading foodservice distributor, US Foods Holding Corp. The investment was made through purchase of newly issued convertible preferred stock in US$28 billion foodservice company. KKR said that it will be funding the investment primarily through its KKR Americas XII Fund. According to a statement issued by the food company KKR’s US$500m convertible preferred stock investment carries a 7% dividend. On an as-converted basis, the preferred stock…

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Nestle ahead of Unilever in final race to acquire GSK’s nutrition business in India

INDIA – Nestle SA, the Swiss transnational and the world’s largest food company is contending Unilever in the final round of negotiations to acquire GlaxoSmithKline’s consumer nutrition business in India. According to three people aware of the development, cited by ET Retail, Nestle is believed to be the frontrunner with a more aggressive offer after Coca-Cola, the third contender selected for the protracted due diligence process opted out. The bid for GSK’s consumer nutrition business has attracted the interest of some of the biggest food and beverage manufacturers in the…

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