(Yicai Global) Sept. 18 -- Joyvio Group, the agricultural product investment arm of Chinese conglomerate Legend Holdings Corp. [HKG:3396], has taken a 68 percent stake in Shanghai-based catering firm Nine Masters Catering Service Co., online financial news outlet PEDaily reported.
Wang Zunxiang, Joyvio's investment director, will serve as executive director of the target company.
Joyvio Group was founded in 2012 and has established leading global industry platforms in the beverage, fruits, animal protein and branded food markets.
Nine Masters is a professional supply chain service provider oriented toward businesses and online food delivery companies. It specializes in catering management services, standard ready-to-cook products and pre-packaged refrigerated meals.
The company has developed a central database containing information about some 1,600 standard Chinese and Western dishes, as well as a fully-integrated ready-to-cook food solution for family consumers.
China's catering market is estimated to be worth between USD1.54 trillion (CNY10 trillion) and USD2.3 trillion (CNY15 trillion), and the ready-to-cook sector will see explosive growth in the next few years, Chen Shaopeng, Legend Holdings senior president and Joyvio chair, said in an interview with Shanghai Securities Information.