US Retail Services Group Daymon Sold for $413M

China-based supermarket chain operator Yonghui Superstores announced plans to partner with Bain Capital Private Equity to purchase U.S.-based Daymon Worldwide for $413 million.

Reuters reported that Yonghui will invest $165 million for a 40 percent stake in the company, while Bain Capital will buy the remaining 60 percent.

In a statement late on Tuesday (Jan. 17), Yonghui confirmed it will fund the deal by bank borrowing and cash. In a separate statement, Bain Capital said it will purchase its stake in Daymon from existing shareholders of the firm.

Daymon is known for its private brand development and strategy, as well as branding, sourcing and logistics, retail merchandising services and consumer experience marketing expertise.

“This transaction is a very positive development for our company, our employees and our clients,” Jim Holbrook, CEO of Daymon, said in a press release. “Bain Capital Private Equity is one of the world’s leading private investment firms and has a proven track record for partnering with management teams to provide the resources and capital needed to grow great companies. The firm’s extensive experience in global consumer and retail industries, will be key as we work to accelerate the growth of our company, increase our service offerings and expand our services.”

Jonathan Zhu, a managing director of Bain Capital, added, “Daymon’s leading global market position and impressive track record of consistent revenue growth presented a very compelling opportunity for partnership. The company’s numerous achievements and accolades are a direct result of its talented leadership team, dedicated employees and their ability to set ambitious goals and execute accordingly. We are thrilled to join forces with Daymon and look forward to working with them on the many growth opportunities this transaction will bring in the U.S.’ and Asia’s emerging economies.”