Leopard exits Cambodia's Kulara Water

Kulara produces Eau Kulen, a brand of bottled mineral water. The water is sourced from a large aquifer beneath Kulen Mountain near Siem Reap. Leopard provided Kulara with both venture financing and operational support when it invested $4.1 million for 50% stake through its Leopard Cambodia Fund. The extra capital enabled Kulara to complete its factory construction and refine its business plan.

"Kulara's factory is now fully operational, and eau Kulen is poised to become a significant player in the local water market," said Richard Intrator, chief investment officer with Leopard Cambodia Fund. "Having supported Kulara from a concept to a successful launch, we have now returned ownership to its founder and will redeploy the sales proceeds into other promising businesses."

Leopard launched its Cambodia fund in April 2008 with the claim of being the country's first ever private equity fund. The fund reached its hard cap of $34 million in early 2010 and has so far made 14 investments in Cambodia, Thailand, and Laos.

Its most recent investment was in Engage Resources a kenaf-based products manufacturer. Kenaf is a fibrous plant used in animal feed as well as in the construction and paper and pulp industries.

The fund has seen four full or partial exits, including Kulara, mobile network operator CamGSM, Phnom Penh Water Supply Authority, and hydropower firm EDL Genco.

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• Topics
• Southeast Asia
• Consumer
• Venture
• Exits
• Venture
• Leopard Capital
• Consumer
• Cambodia
• Exit