Apollo Food Holdings, a Malaysia-based chocolate confectionery and layer cake maker, has recently been acquired by Scoop Capital.
Scoop purchased a controlling stake (51.3%) in Apollo from local investor Keynote Capital for RM238.1 million (US$50.8 million). Scoop is also obliged to extend an unconditional mandatory takeover offer to acquire the remaining 49% stake in the group.
Apollo produces confectionery products under the Apollo brand for both domestic and overseas markets.
Scoop Capital is a family-owned unit by Datuk Cheah See Yeong (90%) and his wife (10%). The company is the master franchisee for ice cream chain Baskin-Robbins in Malaysia and Singapore.
The acquisition is highly anticipated to offer some synergy to Scoop Capital business operation as its ice cream business can be easily merged with the cake and confectionery products produced by Apollo.
