TAP-KWAP buys 30% stake in Munchy Group

Tremendous Asia Partners Group (TAP) has partnered with retirement fund KWAP to acquire a 30% stake in Munchy Food Industries Sdn Bhd. The partners ( TAP and KWAP) have  also jointly acquired a 30% stake in the MFI Labuan Ltd.

The deal amounts were not disclosed.

This new development will allow Munchy Group to leverage on TAP’s infrastructure in Southeast Asia together with KWAP’s network in the region to continue its expansion and growth plans to be one of the largest food and confectionery players in the region, TAP and KWAP said in a joint statement.

The partnership (with TAP) is also KWAP’s private equity arm’s first direct investment.

KWAP chief executive officer Wan Kamaruzaman Wan Ahmad said the collaboration with TAP is part of the fund’s strategy to co-invest with general partners.

TAP joint managing partner Ng Teck Wah said that there was an opportunity in the consumer sector particularly in the FMCG space, which has shown sustainable growth in South East Asia due to the rise of the middle class, increasing disposable incomes and changing lifestyles.

“We believe Munchy Group represents a tremendous opportunity for TAP and KWAP to participate in the growth of this segment,” he said.

TAP joint managing partner Jared Lim added : “We have a hands on value accretive investment strategy and our consumer portfolios have seen growth since our involvement.”

Munchy Group, leading food and confectionery manufacturer in Malaysia with a distribution reach of over 45 countries, will continue to be headed by the its founders – theTan brothers. They will be backed by a team of experienced senior management.

The group has several popular brands like  Oat Krunch, Lexus, Muzic and Captain Munch under its mother brand “Munchy’s”.

TAP is an emerging Asia private equity fund focused in Malaysia, Thailand, Singapore and Indonesia.

It invests in the consumer space encompassing food and beverage, education, healthcare, lifestyle, media and entertainment.

Last year, KWAP, also known as Retirement Fund Incorporated, won approval from the government to increase its global investment from 10% to 19%. Of that, 2% was allocated for PE, 1% for infrastructure. KWAP will also invest 6% of its portfolio in foreign equities, 5% in fixed income securities, 6% in real estate.

( edited by Yamini Dhall)

Image:freedigitalphotos.net

Singapore Reporter/s

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

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  • 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. 
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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.