Tate & Lyle to acquire leading dietary fibre business in China

Mar 31, 2022 | Business

London, UK – WEBWIRE –



This Announcement Relates to the Disclosure of Information That Qualified or May Have Qualified as Inside Information Within the Meaning of Article 7 of the Market Abuse Regulation (EU) 596/2014 as It Forms Part of Domestic Law in the United Kingdom by Virtue of the European Union (Withdrawal) Act 2018


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Tate & Lyle PLC (Tate & Lyle), a leading global provider of food and beverage ingredients and solutions, announces that it has signed an agreement to acquire Quantum Hi-Tech (Guangdong) Biological Co., Ltd (Quantum), a leading prebiotic dietary fibre business in China from ChemPartner Pharmatech Co., Ltd (ChemPartner) for a total consideration of US$237 million.


Key highlights:

  • Fully aligned to strategy to become growth-focused food and beverage solutions business
  • Strengthens position as a leading global player in fast-growing global dietary fibres market
  • Adds new, speciality and complementary products to portfolio
  • Brings strong R&D expertise with proprietary manufacturing processes and technologies
  • Strengthens fortification platform and enhances integrated solutions capabilities
  • Significantly extends presence and customer offering in China and Asia
  • Expected to be accretive to revenue growth and EBITDA margin in first year of ownership
  • Completion expected in the second quarter of 2022 calendar year.


Quantum engages in the research, development, production and sale of fructo-oligosaccharides (FOS) and galacto-oligosaccharides (GOS). Together, FOS (from sucrose) and GOS (from milk sugar/lactose) represent around 25%2 of the global dietary fibres market which is forecast to grow at around 6% per annum3. In China, which currently represents the majority of Quantum’s sales, the FOS and GOS market is forecast to grow at around 10% per annum3.


The acquisition of Quantum significantly strengthens Tate & Lyle’s position as a leading global player in dietary fibres, bringing a high-quality portfolio of speciality fibres, strong R&D capabilities and proprietary manufacturing processes and technologies. The acquisition expands Tate & Lyle’s ability to provide added-fibre solutions for its customers across a range of categories including dairy, beverages, bakery and nutrition (including infant nutrition), and to meet growing consumer interest in gut health. It also significantly expands Tate & Lyle’s presence in China and Asia, and extends its capabilities to create solutions across food and drink utilising its leading speciality ingredient portfolio.


The transaction is subject to approval by the shareholders of ChemPartner, a public company listed in China, of which Quantum is a wholly-owned subsidiary. At completion, consideration4 will be paid in cash for 100% of the equity interests in Quantum. For the 11 months ended 30 November 2021, Quantum generated revenue of US$46 million and EBITDA of US$14 million5. The acquisition is expected to be accretive to revenue growth and EBITDA margin for Tate & Lyle in the first year of ownership.


Quantum produces its range of FOS and GOS fibres at its production site in Guangdong Province, Southern China. The management team of Quantum will join Tate & Lyle at completion. Closing of the transaction is expected to occur in the second quarter of calendar year 2022.


Nick Hampton, Chief Executive at Tate & Lyle, said:

“We are delighted to announce the agreement to acquire Quantum, a leader in prebiotic dietary fibres and a business recognised for its high-quality ingredients and solutions. This acquisition significantly strengthens our fortification capabilities and expands our customer offering in key food and drink categories. FOS and GOS are highly complementary to our existing fibre portfolio and will enable us to offer a broader range of solutions to our customers. The acquisition is also very much in line with our purpose to support healthy living by improving gut health, and driving sugar and calorie reduction and fibre fortification for consumers across the world.”


Mr. Zeng Xianwei, Chairman of the Board of ChemPartner, said:

“We are proud of the Quantum business we have built over the last 20 years, providing high-quality products to support healthier living for people across China and beyond. Tate & Lyle, with its global customer reach, strong focus on R&D, and strong fibre portfolio, is the ideal company to take Quantum on the next stage of its development. I wish them and the management team at Quantum success in the future.”


Notes to Editors


1. Tate & Lyle already offers a broad selection of soluble fibre solutions, such as its PROMITOR® Soluble Fibre and STALITE® Polydextrose, with distinctive benefits for many food and beverage categories. These enable sugar and calorie reduction as well as fibre fortification, helping to support healthier lifestyles and provide nutritional benefits, while maintaining great taste.

2. Company analysis from sources including Maia Research Global Short Chain Fructo-oligosaccharides Market Research Report 2021

3. Volume growth (2021 – 2026); Company analysis including Maia Research Global Short Chain Fructo-oligosaccharides Market Research Report 2021

4. Consideration is on a cash-free, debt-free basis, and subject to customary working capital adjustments

5. Depreciation and amortisation charges together for the 11 months ended 30 November 2021 were US$2 million

6. As at 30 November 2021, the gross assets of Quantum were US$41 million.

7. On a pro forma 12 months basis, calculated by extrapolating the financial information for the 11 months to 30 November 2021, Quantum has annual revenue of US$50 million and EBITDA of US$15 million.


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About Tate & Lyle: 

Tate & Lyle PLC is a leading global provider of food and beverage ingredients and solutions. Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day.


Through our expertise in sweetening, mouthfeel and fibre fortification, our Food & Beverage Solutions business develops solutions which reduce sugar, calories and fat, add fibre, and provide texture and stability in categories including beverages, dairy, bakery, soups, sauces and dressings. Our Primary Products business produces nutritive sweeteners, industrial starches used in paper and packaging, acidulants and products used for animal nutrition.


We have around 4,400 employees working in more than 60 locations across 30 countries. Tate & Lyle’s purpose is Improving Lives for Generations and through our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.


Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2021, Tate & Lyle sales totalled £2.8 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on Twitter, Linkedin or Facebook.

JWD to acquire 20% stake in ESCO, sealing partnership with PSA

Jul 28, 2021 | Business

JWD InfoLogistics PLC (JWD), specialized in ASEAN logistics and supply chain solutions, announces a major investment, when on July 23 it agreed to acquire a 20% stake in ESCO, a Thai shipping container port operator and supply chain operator, with PSA Singapore, the world’s largest port operator by equity-weighted throughput, as ESCO shareholder. With the acquisition, JWD will become a major international container terminal operator at Laem Chabang Deep-Sea Port and inland container depot (ICD) service provider at Ladkrabang, increasing its capability for multimodal transportation services, by land, sea and rail.

JWD InfoLogistics (SET: JWD), ASEAN top specialist in supply chain solutions, will acquire up to 20% of ESCO, the operator of international container terminals at 3 locations within Thailand’s Laem Chabang deep-sea port.

Mr Charvanin Bunditkitsada, Executive Committee Chairman and CEO of JWD, said “This investment is in line with our 5-year strategic plan to increase capability for multimodal transportation services. On July 23, our Board of Directors authorized JWD Transport (Thailand) Company Limited, a subsidiary of JWD, to acquire 20% of the shares in Eastern Sea Laem Chabang Terminal (ESCO), a major international container terminal operator at Laem Chabang Deep-sea Port in Chonburi Province and an inland container depot (ICD) service provider at Ladkrabang. With the share acquisition, JWD also becomes a business partner of PSA, manager and operator of Singapore’s world-class transshipment hub, as PSA is also a shareholder in ESCO.

“We consider this significant investment a major undertaking this year, to be funded by the recent issuance of debentures as well as from operating cash flow. Initially, JWD Transport will take a 15% effective share in ESCO, with an option to increase to 20% within the next 6-12 months,” Mr Charvanin said.

ESCO currently operates international container terminals at 3 locations within the Laem Chabang Deep-Sea Port; i) ESCO (B3), where ESCO directly develops and manages a concession from the Port Authority of Thailand (PAT); ii) LCB1 (B1) terminal and iii) LCMT (A0) terminal, with ESCO a shareholder of the company that holds the concession to operate both terminals. In 2020, the three cargo terminals handled about 2 million twenty foot-equivalent units (TEUs), or 20% of the total throughput processed at the Laem Chabang Deep-Sea Port. The demand for services at the international container terminals is expected to grow continuously with the recovery of the world economy following improvements in the pandemic situation in the USA and Europe.

ESCO is also one of 6 inland container depot (ICD) service providers at Ladkrabang handling container traffic for various shipping lines not located within Laem Chabang Port, helping reduce lead time and transportation cost. Revenue is derived from the operation of the container yard and import and export warehouses, along with Customs clearance services, and furbishing and transporting containers by land and rail – which will increase opportunity for JWD’s freight business and offering additional services to users of Ladkrabang ICD Station.

“JWD expects to realize its share of capital gains from ESCO no later than October,” Mr Charvanin added. “The investment in ESCO will serve as an extension of our international freight port operations in Laem Chabang. With our stake in Transimex, a major logistics provider from Vietnam, incoming international shipping port service business will empower us to provide multimodal transportation services, connect a wide range of freight services including by car, rail, water, and increase the opportunity to expand our customer base from container port service and ICD Ladkrabang station service to provide a full range of logistics services.

“JWD is already providing multimodal transportation services, such as transportation and transfer of general cargo, vehicles, hazardous cargo and chemicals, the transportation of cargo from Bangkok to the international container terminal at Laem Chabang, the lifting and transport of containers by rail from the Northeast, from the Eastern Economic Community (EEC), as well as the industries from Rayong Province to Laem Chabang Port. Therefore, this investment will help to expand our customer base as well as both our Bangkok-to-Laem Chabang and ICD Ladkrabang-to-Laem Chabang transportation services. Also significant is the provision for using the cargo traffic data from Laem Chabang international port to further develop our logistics capabilities,” Mr. Charvanin concluded.

Visit: JWD InfoLogistics PLC (SET: JWD); Bloomberg: JWD.TB, Reuters: JWD.BK; https://jwd-group.com/en/.
Media: Yuttachai Praikanahok, MT Multimedia for JWD, T: +66 9 1736 2866, E: yuttachai.p@mtmultimedia.com


Topic: Press release summary

VC Holdings to Acquire SaaS-related Software and Subsidiary from iDreamSky

Jul 6, 2021 | Business

Value Convergence Holdings Limited (“VC Holdings”, together with its subsidiaries, the “Group”; Stock Code: 0821.HK) announced that the Group has entered into the sale and purchase agreement with iDreamSky Technology Holdings Limited (“iDreamSky”) to acquire its Rainbow Software, Dolphin Software and Nvwa Software at RMB45.00 million (equivalent to approximately HK$53.83 million). In addition, the Group is to acquire the entire issued share capital of Dream Impression Holdings Limited (“Dream Impression”) from Shenzhen Qianhai iDream Technology Co., Ltd., an indirect wholly-owned subsidiary of iDreamSky at RMB28.00 million (equivalent to approximately HK$33.49 million).

The total consideration of the two acquisitions is RMB73.00 million (equivalent to approximately HK$87.32 million) and will be settled by the allotment and issue of approximately 425,954,020 consideration shares at the issue price of HK$0.205 per consideration share. The consideration shares represent approximately 24.97% of the issued share capital of the Group as at 2 July 2021 and approximately 19.98% of the issued share capital of the Group as enlarged by the allotment and issue of the consideration shares (assuming there will be no change in the total number of issued shares between 2 July 2021 and the allotment and issue of the consideration shares). The allotment and issue of the Consideration Shares are subject to the approval at the extraordinary general meeting, while the acquisitions are subject to the fulfilment of certain conditions precedent.

iDreamSky (Stock Code: 1119.HK) is a leading digital entertainment platform in Mainland China. Its current business mainly includes research and development and operation of mobile games, provision of information services, development of SaaS (Software as a Service) and other related services as well as offline entertainment business. The Rainbow Software developed by the Group is a software system providing whole-process data support for game development and operation, for demonstration of game quality and operation conditions facilitating game design or achieving operation target. The Dolphin Software is a personalised operation platform integrating AI and big data applications. Through the amalgamation of AI and user’s portrait, it provides users with valuable contents, achieves precise sales and marketing. The Nvwa Software is a technical service platform software system that provides one-stop solutions and operation solutions for game developers and game agency publishers to release the games in the application markets. As an indirect wholly-owned subsidiary of iDreamSky, Dream Impression is mainly engaged in provision of technical support, development, software maintenance and update, business management consultation, marketing and promotion services, and other services.

Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said: “VC Holdings has always been committed to providing professional and comprehensive financial services to its customers. In view that SaaS is transforming the business and revenue models of the modern industries and gradually spreading to all industries, the Group believes that the acquisitions will consolidate its existing business, further expand its clientele and enhance user experience through combining SaaS and FinTech in the securities industry. We expect that the income stream of the Group will be broadened in the long term, thereby achieving our vision of aggressively pursuing innovation.”

About VC Holdings Limited
Value Convergence Holdings Limited (Stock code: 821.HK) is a well-established financial services group committed to delivering premier financial services and products in the Great China region. The Group’s services include provision of (i) securities, futures and options brokering and dealing, and financing services; (ii) corporate finance and other advisory services (including mergers and acquisitions and company secretarial services to clients, etc.); (iii) asset management; and (iv) insurance brokerage; and proprietary trading that fulfill various investment and wealth management needs of clients in the Greater China region. The Group is also engaged in proprietary trading and the sales and distribution of healthcare products.

For details, please visit www.vcgroup.com.hk.


Topic: Press release summary

Unilever to acquire Onnit

Apr 27, 2021 | Business

Onnit was founded in 2010 by Aubrey Marcus, who set out to inspire a journey towards ‘total human optimization’ – a 360-degree philosophy to achieve optimal health and wellbeing, through physical fitness, mental performance, and emotional wellness.

Onnit’s supplements are the foundation of the brands’ offering and are made with scientifically proven and high-quality ingredients to provide improved cognitive function, mood and relaxation, gut health and immunity support. The range includes Onnit’s hero product, Alpha BRAIN®, a brain supplement (nootropic) for better memory, focus, and mental processing. The brand also offers functional nutrition, fitness essentials, and a digital content platform that provides informative and motivational articles, interviews, advice, and fitness programs for its loyal and passionate consumer base.

Peter ter Kulve, President of Home Care and Health & Wellbeing at Unilever, said: “Onnit is a leading brand in the fast-growing nootropics segment. With its holistic health offering and digital-first model, Onnit perfectly complements our growing portfolio of innovative wellness and supplement brands that include OLLY, Equilibra, Liquid I.V., and SmartyPants Vitamins.”

Fabian Garcia, President of Unilever North America, said: “We are thrilled to welcome Onnit to the Unilever family. As a dynamic and purpose-led brand, Unilever is strongly aligned with Onnit’s vision to improve the health and wellness of consumers with scientifically proven solutions.”

Aubrey Marcus, founder of Onnit, said: “Since day one, my vision has been for Onnit to become a global movement, empowering people with the tools and information to reach their highest physical and mental potential. I am so proud of what we have accomplished, and now, with Unilever’s scale and presence, we are one step closer to inspiring millions more to take charge of their health and wellbeing.”

Onnit will continue to be based in Austin, Texas, and led by CEO Jason Havey. Founder Aubrey Marcus will remain a Brand Ambassador.

Terms of the deal were not disclosed. The acquisition is subject to regulatory approvals and customary closing conditions.

About Onnit

Since 2010, Onnit has been leading the health and wellness industry in designing thoughtful, high-quality, and efficacious multifunctional stacked supplements. Founded by Aubrey Marcus in Austin, TX, Onnit’s lifestyle products address customers’ various supplement, functional nutrition, fitness, mental, and emotional wellness needs. With over one million visitors per month, Onnit’s website is a top destination for motivational, informational, and inspirational health and wellness lifestyle digital content. Onnit products can be found in stores across the country, as well as online retailers including Whole Foods Market, Amazon, CVS, Sprouts, Vitamin Shoppe, and many more. For more information, please visit www.onnit.com.

Safe Harbour

Where relevant, these actions are subject to the appropriate consultations and approvals.

This announcement may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group (the ‘Group’). They are not historical facts, nor are they guarantees of future performance.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; the effect of climate change on Unilever’s business; Unilever’s ability to find sustainable solutions to its plastic packaging; significant changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. A number of these risks have increased as a result of the current Covid-19 pandemic.

These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Unilever Annual Report and Accounts 2020.

Netmarble to Acquire Majority Stake of Independent Game Developer Kung FU Factory

Feb 24, 2021 | Business

Netmarble US,Inc.,(“Netmarble US”) the Los Angeles-based subsidiary of Netmarble Corp., a top global mobile game company, announced that it has acquired a majority stake in the Los Angeles-based game developer Kung Fu Factory. As a result of the majority stake acquisition, the developer will officially become a subsidiary of Netmarble US.

Best known for their work on popular mobile titles like WWE: Champions, Kung Fu Factory is working closely with Netmarble US, along with the NBA and NBPA, on the production of NBA Ball Stars, the first publishing project of Netmarble US. Kung Fu Factory will also be responsible for the ongoing development of this new title, along with other future titles specifically published by Netmarble US.

“Kung Fu Factory has been a tremendous partner in the production of NBA Ball Stars and has been incredibly in sync with our vision for our first publishing project,” said Simon Sim, President of Netmarble US. “We’re thrilled to have a developer with such an impressive portfolio of work become part of the Netmarble US family, and we look forward to building our relationship as we continue to expand our publishing capabilities in the West.”

Since 2012, Netmarble US has serviced and supported the innovative mobile games like Lineage 2: Revolution and The Seven Deadly Sins: Grand Cross as it simultaneously pursued expansion through its own game publishing. Today’s investment into Kung Fu Factory is another step towards the company’s ongoing efforts as it continues to look for investment and acquisition opportunities that align with such business strategy of Netmarble US.

“Kung Fu Factory is delighted to officially be a part of the Netmarble US family, as their pedigree and success of supporting mainstream mobile gaming experiences enjoyed by millions of players speak for themselves,” said Ricci Rukavina, Founder/CEO of Kung Fu Factory. “We are eager to blow out the launch of NBA Ball Stars in a big way, and are looking forward to creating an amazing future with Netmarble US.”

Netmarble has previously announced that NBA Ball Stars will be released in the first quarter of this year through its fourth quarter and year-end financial results for 2020. More details on the majority stake acquisition, and information on Kung Fu Factory’s upcoming projects with Netmarble US, will be revealed at a later date. Please follow Netmarble US’s official LinkedIn, Facebook, and Twitter pages for more information.