Asia-focused private equity fund manager Unitas Capital has agreed to sell its majority stake in China-based condiments producer Jiahao Foodstuff to Huabao International Holdings for US$694 million. Huabao is a Hong Kong-listed manufacturer of fragrances and flavors, as well as tobacco and aroma-related products. A Unitas-led consortium, which included Pavilion Capital, an investment arm of Singaporean sovereign wealth fund Temasek Holdings, originally acquired an 80 percent stake in Jiahao in mid-2014.