Two investment companies had closed a deal to acquire Guangdong-based beverage maker Jianlibao Group, a buyer said Wednesday.

The two companies would lever the household Jianlibao brand to enter the beverage market, Beijing Huizhong Tianheng Investment and Management Co. Ltd. said without disclosing the acquisition price, reported Shenzhen Daily Thursday.

Another buyer was Hengtai Technology Investment Co. Ltd., sources close to the deal said.

Jianlibao was once the best-selling homegrown brand in the mid-1990s, but has fallen far behind its rivals in recent years due to capital shortage and poor marketing strategies.

It had been unable to pay its employees in the past couple of months, a Huizhong Tianheng spokesman said.

The group also operates Shenzhen Jianlibao Soccer Club, which tops the Chinese Super League with 37 points �� eight points ahead of the second-placed Shandong Luneng �� and will certainly win this year��s league champion.

The two buyers did not disclose any plan for the club, but the Beijing-based Star Daily cited a Huizhong Tianheng spokesman as saying Wednesday the club would stay in Shenzhen.

Huizhong Tianheng, a conglomerate focusing on pharmaceuticals, cosmetics, real estate and tourism, has fostered many well-known brands including Mini Nurse, a cosmetics brand acquired by European giant L��Oreal.

Source: Shenzhen Dialy