In recent deal developments, Vietnam-based food firm AIG has raised additional capital from its existing shareholder Marubeni Growth Capital Asia, while Indonesian enterprise software company Happy5 has acquired its Singapore-based peer SugarOKR.
Marubeni infuses more capital into AIG
Singapore-based Marubeni Growth Capital Asia (MGCA), the private equity investment arm of Japan’s Marubeni Corporation, has injected additional funding into Vietnam-based ingredients and packaged food firm AIG Asia Ingredients Corporation.
MGCA’s initial investment in AIG was a significant minority stake acquisition made in October 2023. The value of both rounds was not disclosed.
MGCA said the Vietnam food market is the fastest growing in Southeast Asia with an annual growth of approximately 8%, and AIG’s products are becoming increasingly important to branded packaged food and beverage product customers.
Since its initial investment, MGCA has supported AIG in expanding its natural food ingredients portfolio and new business development initiatives, seeing the Vietnamese firm extending beyond distribution to manufacturing and innovation.
MGCA focuses on the food product and food and beverage sector in Southeast Asia as well as looks at companies that will substitute for goods previously made by foreign companies. Its portfolio businesses so far include Tim Hortons’s Southeast Asia business and Indonesian medical supplies manufacturer Oneject.
Indonesia’s Happy5 acquires SG startup SugarOKR
Jakarta-headquartered performance management software Happy5 has acquired Singapore-based goal-setting platform SugarORK for an undisclosed sum, per a report on e27.co.
Happy5 was founded in 2013. The company claims on its website that its customers comprise large enterprises in the tech, finance, services, and healthcare industries.
The acquisition of SugarOKR was said to help Happy5 with its overseas expansion plan, starting with the US market.
Five-year-old startup SugarOKR is based in Singapore and has remote teams working across seven different countries including the US, UK, and the ANZ region.
