Advent snaps up 60% stake in Chinese food firm Wagas

Advent International has snapped up a 60% stake in Chinese food and bakery chain Wagas.

The US buyout giant said in 20 September that the company, which focuses on “the healthy light food industry”, will continue to be managed by its founding shareholders.

Since it was founded in 1999, Wagas has grown to 250 locations across China under the Wagas, Baker and Spice, Funk & Kale and LOKAL brands.

The company has a strong foothold in Shanghai and Beijing, along with a presence in 11 other cities throughout China.

Financial terms of the transaction were not disclosed.

Advent said it will look to expand the restaurant group’s footprint across China and boost investment in the brand, including its product offerings, menu innovations and operational infrastructure and systems.

The private equity firm has been investing in the retail, consumer and leisure sectors for over 30 years, inking deals including Lululemon, First Watch, The Coffee Bean & Tea Leaf, Bojangles, IRCA and Dufry.

Advent has completed 18 deals across China and Asia since 2014, including AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a global life sciences contract research and development organisation with operations in Shanghai, Beijing and San Diego; GS capsule, the largest domestic capsule provider in China; and The Learning Lab, a provider of K-12 academic enrichment and tutorial services in Singapore.

To contact the author of this story with feedback or news, email Sebastian McCarthy

This article was published by Private Equity News, part of Dow Jones

To contact the author of this story with feedback or news, email Sebastian McCarthy

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