Champ Private Equity is planning to sell its stake in Manassen Foods Australia to Chinese retailer Bright Food Group, The Wall Street Journal reports. The private equity firm will get a total of around $636 million from the sale.

The seller may also start an initial public offering (IPO) for Manassen. The company, which owns Sunbeam and Angus Park dried fruits and Margaret River Dairy, was acquired by CHAMP in 2006, adds Reuters.

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