KV Asia Capital’s Divestment of Stakes in TF Value Mart

KV Asia was advised by Rippledot Capital Advisers as exclusive financial adviser, and Wong & Partners as legal adviser. Rahmat Lim & Partners acted ad legal adviser to ICG Asia Pacific Fund IV, while Maybank IB as financial counsel.

KV Asia Capital announced it has fully exited its investment in TF Value Mart, a leading grocery retailer in Malaysia.

The divestment was completed in November 2020 and marks the culmination of one of KV Asia’s most successful investments. TFVM was acquired by KV Asia in February 2016. Post acquisition of the business, KV Asia brought in an experienced management team led by Ho Mun Hao (CEO) and Anthony Lee (CFO), and oversaw a wide-ranging business transformation programme that focused on strengthening TFVM’s unique value proposition and various operational processes. TFVM’s differentiated positioning as a retailer offering a wide selection of fresh produce along with highly affordable prices, coupled with its strategic focus on the secondary ‘Tier 2/3’ cities and towns in Malaysia, has resulted in an excellent track record of growth and profitability. Under KV Asia’s stewardship, TFVM’s store footprint has doubled since 2016, extending its store network to several new states across Malaysia.

Ho Mun Hao, along with the rest of the senior leadership team who will also continue in their current roles, will remain as the CEO of TFVM.

TF Value Mart operates a chain of more than 35 grocery retail stores across several states in Malaysia, offering fresh produce, grocery products and general merchandise to local consumers.

KV Asia is a private equity firm focused on making significant equity investments in quality mid-sized companies in Southeast Asia and across various industry sectors, including healthcare, education, consumer, financial, and manufacturing.

The Wong & Partners team included Brian Chia (Picture), Stephanie Phua, Daniel Tan and Yee Yin Tang.

The RL&P team included Partners Chia Chee Hoong and Ang Sinn E.

Involved fees earner: Chia Chee Hoong – Rahmat Lim & Partners; Ang Sinn E – Rahmat Lim & Partners; Brian H.G. Chia – Wong & Partners; Stephanie Phua – Wong & Partners; Daniel Tan – Wong & Partners; Yee Yin Tang – Wong & Partners;

Law Firms: Rahmat Lim & Partners; Wong & Partners;

Clients: ICG Asia Pacific Fund IV; KV Asia Capital ;

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Author: Michael Patrini