CHAMP seeks first stand-alone deal in Southeast Asia
CHAMP Private Equity is targeting acquisition opportunities in Southeast Asia for its A$1.5 billion ($1.55 billion) third fund. Managing Director Cameron Buchanan told Reuters that the firm would use its Singapore office to help Australian and New Zealand portfolio companies expand in Asia and also pursue its first stand-alone investments in the region.
CHAMP III closed in January after a difficult year of fundraising for Australia's private equity industry as a whole. It has already made two investments, temporary fencing business ATF and the wine operations of Constellation Brands in Australia, the UK and South Africa.
CHAMP typically targets mid-market firms with an enterprise value of up to A$750 million and aims to have 10 portfolio companies in total.
The private equity firm this week agreed to sell its 75% stake in Manassen Foods - best known for Jelly Belly Jelly Beans, Carr's Water Crackers and Margaret River Dairy - to China's Bright Food Group. The deal size was said to be in excess of A$500 million. CHAMP, which took a 51% holding in Manassen five years ago, will retain a 10% stake in the company. The remaining 10% will be held by existing company management.
Buchanan said the sale would give Manassen a "logical springboard" into Asia. He added that the food and beverage is a key sector for future acquisitions, in addition to Australian companies in the healthcare and financial services industries.
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