KV Asia Capital picks stake in chocolate maker Aalst

Chocolate from Aalst, visual from company's homepage

Singapore based private equity firm KV Asia Capital has invested an undisclosed amount in the local chocolate maker Aalst Chocolate Pte Ltd.

Both firms did not disclose transaction details. KV Asia’s average deal sizes vary between $25 million to $75 million

Aalst makes premium chocolate in Singapore, and currently exports over 98 per cent of its products, supplying to customers mainly in the Industrial – confectionery – ice-cream, biscuits and bakery – as well to food service professionals and chefs. It is also the first Singaporean owned brand that can produce both chocolate covertures and compound chocolate and has five brands under its wing.

Also read: Olam acquires ADM’s cocoa biz for $1.3b

For KV Capital, which invests in mid-sized companies in South East Asia, the current deal will be financed from its fund – KV Asia Capital Fund I. The private equity firm had raised $263 million from global institutions, pension funds, endowments, financial institutions, fund of funds and family offices, as part of its first fund, which had closed in late 2013.

Founded in 2010, KV Asia Capital, the private equity firm has so far made two significant investments, including acquiring 100 per cent stake in Derma-Rx International Aesthetics Pte Ltd (DIAL) from Kaya Ltd, a wholly owned subsidiary of Marico Kaya Enterprises Ltd (MaKE). Last year, it had also  acquired 100 per cent equity interest in Orange Valley Healthcare Pte Ltd, Singapore based nursing home provider.

KV Asia was launched by Karam Butalia, the former global head of Standard Chartered Private Equity, and Vibhav Panandiker, previously of SCPE and JP Morgan Private Capital Asia.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.