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HO CHI MINH CITY, Vietnam,
April 13, 2011 /PRNewswire/ -- Masan Group (HOSE: MSN, "Masan"), one of
Vietnam's largest private sector business groups, today announced that Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR"), a leading global investment firm with
US$61.0 billion in assets under management, has signed definitive agreements to acquire an equity stake in Masan Consumer Corporation ("Masan Consumer" or the "Company", formerly known as Masan Food). KKR will invest
US$159 million for a 10.0% equity stake in Masan Consumer, valuing the Company at
US$1.6 billion and making the investment the largest ever private equity transaction in
Vietnam. This is KKR's fourth investment in
Southeast Asia and first in
Vietnam. Masan Consumer will issue 14 million ordinary shares to KKR and decrease Masan Group's stake in Masan Consumer from 86.6% to 78.0%.
Masan has raised approximately
US$500 million in private equity capital over the past two years and is currently one of the largest listed private sector groups in
Vietnam. Masan Consumer is the fastest growing FMCG Company in
Madhur Maini, CEO of Masan Group, commented, "We have recently taken our market leading food platform to transform it into a consumer platform and this transaction validates our consumer strategy. We welcome KKR as a partner to assist us in achieving this objective. In addition, we view the next 2 years as transformational for the group and continue to build a war chest for strategic M&A."
Truong Cong Thang, CEO of Masan Consumer, commented, "We have built a leading consumer platform in
Vietnam. We will leverage our platform to diversify into other FMCG categories in the near future."
Ming Lu, Member of KKR, commented, "KKR is excited to be making the largest ever private equity investment in
Vietnam. This investment demonstrates our strong conviction in the business prospects of Masan Consumer, as well as in
Vietnam as a whole."
Masan Consumer is currently the market leader in fish, soya and chili sauce and the second largest producer of branded instant noodles. Masan and experience in building leading brands to achieve its vision to become the leading consumer company in
Vietnam. Masan Consumer's revenue for the year ended
December 31, 2010 increased to
VND5,690 billion (
US$272 million) from
VND2,004 billion (
US$96 million) in 2008 and net profit increased to
VND1,253 billion (
US$60 million) from
VND402 billion (
Goldman Sachs was advisor to Masan Group for the transaction.