Mekong exits sauce company Masan
Vietnam-focused private equity investor Mekong Capital has successfully exited its portfolio company Masan Food Corporation, one of the leading sauce makers in Vietnam, for $18.84 million in a negotiated stock transaction.
According to Mekong, the transaction resulted in gross return multiples of 2x and a gross IRR of some 61% on the shares sold by the fund over an 18-month period. The investment was made in 2008 via Mekong's Vietnam Azalea Fund, launched in June 2007 and managing $100 million in committed capital. Masan Food has grown from around $23 million in net profit in 2008 to an expected net profit of around $55 million in 2010, a net profit growth rate of around 55% per year, according to Mekong.
Dr. Thomas Lanyi, Director of Investment at Mekong Capital, said publicly, “Masan Food is one of the best-managed consumer goods companies in Vietnam today. The company’s ability to early identify new consumer trends and successfully launch new products into this fast growing market is impressive and has created significant shareholder value.”
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