US private equity firm, Advent International has emerged as a front-runner in the auction for Chinese bakery chain, Wagas and is currently finalising the terms of a transaction that could be announced shortly.
Wagas’ owners are said to be targeting a valuation of about US$800 million to US$1 billion for the business.
Wagas specialises in healthy light food, serving salads, pasta, sandwiches, curries, fresh juice and coffee amongst others. The chain, established in 1999, currently operates more than 160 stores across 11 major cities.
The Chinese bakery firm has also been an acquisition target by other private equity and strategic investors, such as Yum China Holdings, Jollibee Foods Corp and Restaurant Brands International.