Standard Chartered Private Equity (SCPE) has announced it has taken up a “significant stake” in Singapore company Phoon Huat, a wholesaler and retailer of branded food ingredients.

SCPE has not disclosed further details of the deal.

Phoon Huat was founded by Wong Tai Fuang in 1947 as a food retail store in Singapore. Over the decades it has developed into an integrated food company that exports to regional countries.

SCPE says it will be partnering with Phoon Huat’s shareholders to steer the business through its next phase of growth. It will provide strategic input into the company’s business planning and support the management in its development plans.

SCPE Asean head Bert Kwan says the firm is honoured to partner with the Wong family in one of Singapore’s flagship, home-grown businesses. “It is humbling to have the opportunity to support and extend such an important legacy.”

Phoon Huat MD Wong Chen Liong says SCPE’s involvement bodes well for the company’s succession planning.