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Singapore’s Sun Venture weighs buyout of PS.Cafe parent, sources say

Singapore’s Sun Venture weighs buyout of PS.Cafe parent, sources say
The potential transaction values PSGourmet Pte Ltd, parent of PS.Cafe, at about S$300 million, source said. (PHOTO: PS.Cafe)

By Elffie Chew and Manuel Baigorri

(Bloomberg) — Sun Venture, a Singapore-based investment firm, is considering a deal for the remaining shares it doesn’t own in the parent of restaurant chain PS.Cafe, according to people with knowledge of the matter.

The potential transaction values the closely-held PSGourmet Pte Ltd at about S$300 million, said the people, who asked not to be identified as the process is private. Sun Venture owns a majority stake in the firm and is in talks with banks to secure financing for a buyout, the people said.

Deliberations are ongoing and there is no guarantee that Sun Venture, which is backed by Taiwanese and Singaporean investors, will proceed with the deal, the people said. Representatives for Sun Venture and PSGourmet didn’t immediately respond to requests for comment by phone, email and LinkedIn.

PS.Cafe, which is known for dishes such as truffle shoestring fries as well as cakes, puddings and tarts, opened its doors within the Projectshop clothing store in Singapore in 1999, according to its website. The PSGourmet group now includes 10 PS.Cafes, Anglo-Chinese brand Chopsuey Cafe and contemporary Japanese restaurant JYPSY. The group has two outlets in Shanghai, opening the first in 2018.

Sun Venture was established in 2006 and invests globally in asset classes such as public equities, fixed income, private market funds and real estate, as well as private equity and alternatives, its website shows. Its private equity portfolio also includes content delivery network provider Conversant and freight and logistics solutions company Satsaco.

©2022 Bloomberg L.P.