Bain Capital acquired a 27% stake in CJ CheilJedang's US unit for $320m.

Private equity firm Bain Capital acquired a 27% stake in CJ CheilJedang's US unit, CJ Foods America, for $320m. CJ Cheil Jedang is a South Korean food company based in Seoul that manufactures food ingredients, food, pharmaceuticals and biotechnology. The deal will allow the Bain to obtain a 19% stake in the CJ-controlled frozen-food company Schwan's Co., lowering CJ's stake from 70% to 51%, the Korean company said Thursday in a regulatory filing. CJ CheilJedang said that the deal with Bain Capital, which manages more than $100bn in assets globally, would help bolster its financing position and strengthen its business as a global food brand.