(Hong Kong, 21 March 2022) Trustar Capital (formerly known as CITIC Capital Partners), a private equity  affiliate of CITIC Capital Holdings Limited, is pleased to announce that it has completed the strategic acquisition of Beijing Salion Foods Co., Ltd (“Salion”, or the “Company”) via its fourth China buyout fund. This acquisition marks the eleventh transaction Trustar has completed in the food & beverage industry,  a long-term investment focus of Trustar.  

Founded in 2000 and headquartered in Beijing, Salion specializes in the R&D, manufacturing and  distribution of compound condiment and basic food ingredients. With over 20 years of track record and  strong technical know-how, Salion has developed unique capabilities of product customization and  flexible production to cater for the varying needs of its customers with distinctive cuisine solutions. The  Company offers nearly a thousand SKUs covering hundreds of basic food ingredients, Chinese and  western flavor sauce, hotpot soup base, hotpot dipping sauce, powder seasonings and etc. Salion’s  products are endorsed not only by leading domestic foodservice operators and top food brands, but  customers in over 30 countries around the world.

Compound condiment market in China reached RMB150 billion in 2020 according to research by Deloitte.  The category is expected to grow at a CAGR of 10-15% in the future driven by the industrialization of  Chinese food industry, development of franchised restaurant chains and the emerging demand for ReadyTo-Cook/Ready-To-Eat food products by consumers.

Michael JIANG, Operating Partner of Trustar and Chairman of Salion said: “In the past 20 years, Salion  has witnessed and participated in the industrialization of Chinese food industry and established a unique  business model based on strong R&D and flexible manufacturing with high technological barriers.  Trustar’s strategic investment today marks an important milestone for Salion. With the support of Trustar Capital’s resources in the food and beverage industry, management team are confident and committed  to strengthening our product innovation, enhancing production efficiency and providing better customer  services. We aim to develop Salion into a leading cuisine solution provider in China.”

Derek WANG, Senior Managing Director of Trustar Capital, said: “Investment in Salion continues to  demonstrate our commitment in the stable and growing Chinese food and beverage industry. With the  strong industry trend of standardization and industrialization, we see systematic opportunities to find  and build great platforms in the next several years. We will leverage our experience and drive Salion’s  strategy to focusing on technology and innovation, improving food safety, enhancing operation and  working seamlessly with our customers to deliver top quality products.”

About Salion Foods 

Founded in 2000 and headquartered in Beijing, Salion specializes in the R&D, manufacturing and  distribution of compound condiment and basic food ingredients. With over 20 years of track record and  strong technical know-how, Salion has developed unique capabilities of product customization and  flexible production to cater for the varying needs of its customers with distinctive cuisine solutions. The  Company offers nearly a thousand SKUs covering hundreds of basic food ingredients, Chinese and  western flavor sauce, hotpot soup base, hotpot dipping sauce, powder seasonings and etc. Salion’s  products are endorsed not only by leading domestic foodservice operators and top food brands, but  customers in over 30 countries around the world. For more information, please visit berncron.com.

About Trustar Capital  

Trustar Capital (formerly known as CITIC Capital Partners), focuses on control buyout opportunities  globally and has completed over 97 investments since inception across China, Japan, U.S., Europe, etc.  Trustar Capital currently manages USD7.8 billion of committed capital. For more information, please visit  www.trustarcapital.com.  

Trustar Capital is a private equity affiliate of CITIC Capital Holdings Limited. Founded in 2002, CITIC  Capital Holdings Limited is an alternative investment management and advisory company. The firm  manages over USD17 billion of capital across 100 funds and investment products through its multiple  asset class platform covering private equity, real estate, structured investment & finance, and asset  management. CITIC Capital has over 230 portfolio companies that span 11 sectors and employ over  500,000 people around the world.

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