Asia digest: KV Asia exits TF Value Mart; NZ Super Fund, Ontario Teachers buy APHG

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KV Asia Capital has exited its investment in Malaysian grocery retailer TF Value Mart; while NZ Super Fund and Ontario Teachers have completed the acquisition of pathology services provider APHG for about NZ$550 million ($387 million).

KV Asia Capital exits Malaysian grocer TF Value Mart

Singapore-based private equity firm KV Asia Capital announced on Monday that it has fully exited its investment in TF Value Mart (TFVM), a grocery retailer in Malaysia. The divestment was completed in November and marks the culmination of one of KV Asia’s most successful investments, it said.

“TF Value Mart is an excellent example of KV Asia’s approach to private equity ownership, where we focus on acquiring and growing high-quality companies in Southeast Asia, and supporting exceptional management teams to deliver significant value add across the investment cycle,” KV Asia partner Mark de Venecia said in a statement.

TFVM was acquired by KV Asia in February 2016. Post acquisition, KV Asia brought in an experienced management team led by Ho Mun Hao (CEO) and Anthony Lee (CFO), and oversaw a wide-ranging business transformation programme that focused on strengthening TFVM’s unique value proposition and various operational processes.

TFVM’s differentiated positioning as a retailer offering a wide selection of fresh produce along with highly affordable prices, coupled with its strategic focus on the secondary ‘Tier 2/3’ cities and towns in Malaysia, has resulted in an excellent track record of growth and profitability.

Under KV Asia’s stewardship, TFVM’s store footprint has doubled since 2016, and extended to several new states in Malaysia.

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