Navis, Rabo exit Thai duck processor

The private equity firms acquired a controlling stake in the businesses in 2007 at an enterprise value of THB4.3 billion. EBITDA increased to THB726 million from THB590 million during their ownership period, despite challenging economic and political conditions in Thailand. Navis and Rabo have made a 1.8-1.9x return on their investment, including dividends paid over the last five years.

Bangkok Ranch made a lateral acquisition in 2010, buying UK- and China-based Cherry Valley Farms, a leading global duck genetics business. Cherry Valley is not included in the sale, which means the private equity firms have increased their holdings in the company.

"We are especially pleased to deliver the business back to the original founders after having grown the business and its profitability over the past years," said David Ireland and Jaithip Kanjanapoo, Thailand-based partners with the private equity firm. "We will remain active in the duck industry going forward as this is only a partial divestment and look forward to expanding our Cherry Valley business throughout the world."

Nick Bloy, Navis' managing partner, added that the firm continues to see a variety of opportunities in protein-based food production across Southeast Asia, largely driven by rising per capital incomes and consumer spending.

Navis completed six exits in 2012, including garment label manufacturer Trimco, the Thailand franchises of Dunkin' Donuts and Au Bon Pain, India's Andromeda and Nirula's and Indonesia-based Wall Street Institute. The buyers were all strategic investors.

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• Topics
• Exits
• Industrials
• Consumer
• Southeast Asia
• Navis Management
• Exit
• Trade sale
• Consumer
• Rabobank Private Equity