KV Asia acquires Malaysia's TF Value-Mart
KV Asia Capital has acquired a controlling stake in TF Value-Mart, a leading hypermarket chain in Malaysia.
The Southeast Asia-focused private equity firm is investing through a vehicle called Peta Sejahtera, according to a release. Financial terms weren't disclosed.
Founded in 1957, TF Value-Mart started out as a Chinese medical store in Bentong. It has since evolved into a mini-market, department store and hypermarket operator. The company currently operates a chain of 18 hypermarkets across five states in Malaysia, offering fresh produce, grocery products and general merchandise to local consumers.
The founder sold the bussiness because of a succession issue - younger generation family members did not want to assume control. KV Asia has bought in a new management team to develop TF Value-Mart.
The GP focuses on investments in mid-size companies across Southeast Asia. It tends to acquire significant or controlling ownership in the target companies.
It is currently investing its debut fund, which has a corpus of $263 million. Last year, it invested an undisclosed sum in Aalst Chocolate, a Singapore-based manufacturer of premium chocolate.
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