Navis Capital Plans to Sell Golden Foods Siam in $300m deal: Report

Navis Capital's website.

Malaysia-based private equity firm Navis Capital Partners is planning to exit Thailand-based chicken-processing company, Golden Foods Siam.

The sale of Golden Foods Siam, which supplies chicken products to restaurants and retailers across Europe and Asia, could raise as much as $300 million for Navis, Wall Street Journal reported, quoting people familiar with the matter.

Navis bought Golden Foods for between $50 million and $100 million in 2009, in the midst of the Global Financial Crisis (GFC). Golden Foods Siam was previously the Thai unit of UK-based Grampian Country Food Group.

Navis chairman Richard Foyston, confirmed that the company was looking to sell Golden Foods Siam, but didn’t give a sale amount. “We’re just in a testing-the-market stage,” Foyston told WSJ. “It may come to fruition in the next couple of months, or maybe not.”

Founding partner and co-managing partner Nicholas Bloy told DEALSTREETASIA earlier this year that the firm was actively looking to divest from its pre-GFC investments, aiming for up to $2 billion worth of exits.

So far this year, Navis has exited Australia’s Peoplebank for $56.6 million, and Singapore’s ECO Industrial for $179 million.

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WSJ noted that companies serving Southeast Asia’s increasingly affluent consumers have been a rare bright spot for deals in the region. Most recently, German retailer Metro AG acquired Classic Fine Foods, a Singapore-based importer and food distributor, from European private-equity firm EQT in a transaction valued at more than $300 million. EQT had acquired Classic Fine Foods in 2011 for an undisclosed sum.

EQT and Navis had also made an offer to Malaysia’s Cocoaland Holdings Bhd in April and May, respectively, but the deal fell through.

Also read:  Navis Capital sells Singapore-based ECO Industrial to Beijing Capital for $179m

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