KUALA LUMPUR (Oct 20): Tremendous Asia Partners Group (TAP) and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has each acquired a 30% stake in food and confectionary manufacturer, Munchy Food Industries Sdn Bhd and MFI Labuan Ltd (collectively the Munchy Group).
“We believe Munchy Group, being one of the leading confectionary manufacturers in the region, represents a tremendous opportunity for TAP and KWAP to participate in the anticipated growth of this segment,” said joint managing partner of TAP Ng Teck Wah in a press release today, without elaborating on the value of the investment.
TAP’s joint managing partners also include Datuk Jared Lim. Lim and Ng are also the founders of the Asiasons Group.
Wan Kamaruzaman Wan Ahmad, CEO of KWAP, said that the investment in Munchy Group is the first direct investment for its private equity arm.
“The Munchy Group co-investment reflects our confidence in the Munchy’s brand and the consumer sector,” he said.
Munchy Group is known for its established brands such as Oat Krunch, Lexus, Muzic and Captain Munch under its mother brand “Munchy’s”.
In a joint statement, TAP and KWAP said the businesses of Munchy Group will continue to be led by the founding Tan brothers, alongside a team of highly experienced senior management.
“The partnership 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 confectionary players in the region,” they added.
TAP described itself as an alternative asset investment and management group that focuses on investments in the consumer segment in Southeast Asia.