KKR brokers largest PE deal in Vietnam
KKR has completed the largest-ever private equity deal in Vietnam, buying a 10% stake in Masan Consumer Corporation, a division of domestic private-sector powerhouse Masan Group, for $159 million.
The deal values Masan Consumer Corporation, formerly Masan Food, at $1.6 billion, the companies announced, which brings Mason Consumer's private equity investment to $500 million. The deal also marks KKR's first investment in the country, and fourth in Southeast Asia.
Goldman Sachs was advisor to Masan Group for the transaction.
Masan Consumer's $500 million worth of PE capital was garnered over the past two years. As part of the agreement with KKR, Masan Group will dilute its holding in the company from 86.6% to 78%. Masan Consumer is touted as Vietnam's leading fish, soya and chili sauce producer, and the second-largest maker of branded instant noodles. It claimed 2010 year-end revenue of $272 million, up from $96 million in 2008.
In November, Mekong Capital exited the sauce maker, earning $18.84 million, in a negotiated stock transaction.
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