Vietnam based food manufacturer Masan Group has bought the remainder of private equity group KKR’s stake in its business, ending their partnership.
KKR had invested US$159m in food and beverage business Masan Consumer in 2011. It added further investment of US$200m in 2013.
Seokhee Won, deputy CEO of Masan Group and CEO of Masan Consumer, said: “KKR’s investment and partnership with Masan Group has supported the transformation of our leading consumer platform and reaching our goal of having a Masan product in every Vietnamese household. KKR’s investment has also been an important validation of our business model and our growth potential. We remain excited by our future and will work tirelessly to see our products in every household in inland ASEAN by serving consumers with brands they can enjoy and trust.”
Ming Lu, Member of KKR and Co-Head of Private Equity for KKR Asia, said, “KKR is proud of the successful and win-win partnership with Masan Group. Masan Consumer has established itself as a leader in the Vietnamese fast-moving consumer goods industry and we believe the company is very well-positioned for the future. On behalf of KKR, we would like to wish the Masan team continued success.”