US private equity giant TPG Capital has snapped up a 50 per cent stake in Myanmar Distillery Company, a manufacturer of alcoholic beverages in Myanmar, expanding its investment footprint in the frontier market.
A Wall Street Journal report pegs the value of the transaction between $100 million and $200 million.
Myanmar Distillery Company, which is part of the IBTC Group, is known for its Grand Royal Whisky, Eagle Whisky and Royal Dry Gin brands. It has manufacturing facilities in Yangon and Mandalay.
The investment will see former Diageo chief executive Paul Walsh join MDC board as co-chairman and representative of TPG.
A CNBC report said, quoting TPG partner and managing director Ganen Sarvananthan, in a press release, “This investment marks an exciting addition to our growing Southeast Asia portfolio.”
“The investments we have made across Southeast Asia in the last two years, including 8990, PropertyGuru and Apollo Towers, underscore our strategy of identifying and partnering with businesses and founders that are well-positioned to capitalise on key trends within their industries and markets,” according to the report.