CJ Foodville, the food service subsidiary of South Korea’s CJ Group and the operator of bakery brand Tous les Jours, announced on Thursday that it secured an investment of 70 billion won ($54 million) from the private equity firm Arges Private Equity.
In August, Arges PE was selected as the preferred negotiator for securing investment in CJ Foodville. The company is valued at 500 billion won ($373 million) in this fundraising round.
To facilitate this investment, CJ Foodville conducted a third-party allotment of 1.29 million new shares to Arges PE. Arges PE now holds the position of the second-largest shareholder in CJ Foodville, possessing a 12.3% stake in the company.
CJ Foodville intends to use the newly acquired funds to strengthen the operations of its bakery chain “Tous les Jours” in North America.
The company achieved profitability in North America for five consecutive years until last year, following its transition to a profitable status in 2018.
In September, CJ Foodville announced its intention to build a new Tous Les Jours factory in Gainesville, Hall County, Georgia, USA. The facility is projected to have an annual production capacity exceeding 100 million items, encompassing Tous les Jours’ frozen dough and cakes.
