Navis acquires Vietnamese seafood processor

According to a notice filed to the Ho Chi Minh stock exchange on December 20, Panga now owns 49% of the company. As part of its investment, David Ireland - a Navis Partner in Thailand - has joined the Godaco board.

The investment is expected to accelerate Godaco's expansion plans and increase exports of its two key products: clams and pangasius, a white meat fish similar to catfish. Part of the proceeds will also be used to expand processing and farming capacity as well as finance the company's entry into the US market.

"Godaco is an outstanding company with excellent management, strong operations and a great product. Under the leadership of Godaco founder Nguyen Van Dao, the business has grown to become a significant player in Vietnam's vibrant seafood processing industry," Ireland said.

This is Navis' third investment in Vietnam and its second made in 2012. The private equity firm invested into luxury furniture manufacturer Theodore Alexander in 2008 and then pharmaceutical manufacturer OPV last September.

The deal is another indication to Navis' ambition in the food processing sector, in particular in the area of low cost protein production, processing and export.

In 1999, Navis invested in Bangkok Ranch (BR) and eight years later partnered with Rabo Capital to buy BR and also Netherland's Duck To Holdings. The companies were merged, creating an entity with an enterprise value of THB4.3 billion ($141 million).

Last week, the pair exited BR and Duck To to a consortium led by the companies' founders. The deal values the combined assets at THB5.7 billion ($188 million). Navis and Rabo achieved a 1.8-1.9x return on their investment, including dividends paid over the last five years.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Consumer
• Expansion
• Navis Management
• Consumer
• Vietnam