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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