TPG buys 50% of Myanmar spirits producer

This is the private equity firm's second investment in Myanmar, following a commitment by TPG Growth last year to Apollo Towers.

The size of the MDC deal was not disclosed, but media reports put it at between $100 million and $200 million. Paul Walsh, former CEO of Diageo, will join the MDC board as co-chairman and representative of the TPG investment vehicle.

Founded in 1995, MDC produces a wide range of spirits including seven brands of whisky plus rum, gin, and wine coolers. It has manufacturing plants in Yangon and Mandalay. The company is described as an affiliate of IBTC.

"This investment marks an exciting addition to our growing Southeast Asia portfolio," said Ganen Sarvananthan, partner and managing director at TPG, in a statement. "The investments we have made across Southeast Asia in the last two years, including 8990, PropertyGuru and Apollo Towers, underscore our strategy of identifying and partnering with businesses and founders that are well-positioned to capitalize on key trends within their industries and markets."

TPG is currently investing its sixth Asia fund, which closed last May at $3.3 billion. The latest TPG Growth vehicle - through which the firm has made growth equity investments in Vietnam and India, as well as Myanmar - closed this year at $3 billion.

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• Topics
• Expansion
• Southeast Asia
• Consumer
• Myanmar
• Southeast Asia
• Growth capital
• Consumer
• TPG Capital