Navis Capital explores sale of Malaysian supermarket chain The Food Purveyor

Photo: Fikri Rasyid / Unsplash

Asian buyout firm Navis Capital Partners is exploring a sale of premium supermarket chains in Malaysia, which could be worth about 1 billion ringgit ($247 million) according to people with knowledge of the matter.

The firm is asking banks to submit proposals on the potential divestment of The Food Purveyor Sdn., the vehicle that owns the Village Grocer and Ben’s Independent Grocer supermarkets, said the people. The Kuala Lumpur-based firm bought a majority stake in The Food Purveyor, then known as Village Grocer Holdings Sdn., in 2014, according to the retail company’s website.

Deliberations are ongoing and there is no certainty that Navis will proceed with a transaction, the people said, asking not to be named as the information is private. A representative for The Food Purveyor did not respond to requests for comment. Representatives for Navis did not respond to calls or emails.

Deal activity around supermarkets in Malaysia has picked up in the past year as the sector has been resilient throughout the coronavirus pandemic. Should Navis decide to proceed with the sale, it would be joining the Teng family and the Asean Industrial Growth Fund who are working with an adviser to sell Jaya Grocer, the country’s biggest high-end supermarket chain, Bloomberg News reported in October.

Intermediate Capital Group Plc bought TF Value Mart, a Malaysian operator of grocery retail stores in December, confirming an earlier Bloomberg News report.

The Food Purveyor operates three supermarket brands including Pasaraya OTK and manages 30 stores covering Klang Valley and Johor Bahru in peninsular Malaysia.

Bloomberg

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.