US-based Carlyle Group and Luxembourg-based CVC Capital Partners are believed to be the front runners in the race to acquire Trendcell Sdn Bhd, the owner and operator of high-end supermarket chain Jaya Grocer, say sources, after outbidding at least two other offers.
It is learnt that the two private equity firms are negotiating to buy a part of, a majority, or the entire supermarket business of Trendcell, which rang up RM1.32 billion in sales in 2020, for as much as RM1.1 billion.
The sale, if successful, will mark the exit of Asean Industrial Growth Fund (AIGF), which purchased a 45% stake in Trendcell in May 2016 for a reported RM300 million. Businessman Teng Yew Huat is the other major shareholder of Trendcell.
(Feb 19): Asian buyout firm Navis Capital Partners is exploring a sale of premium supermarket chains in Malaysia, which could be worth about RM1 billion, according to people with knowledge of the matter.
The firm is asking banks to submit proposals on the potential divestment of The Food Purveyor Sdn Bhd, the vehicle that owns the Village Grocer and Ben’s Independent Grocer supermarkets, said the people. The Kuala Lumpur-based firm bought a majority stake in The Food Purveyor, then known as Village Grocer Holdings Sdn Bhd, in 2014, according to the retail company’s website.
Deliberations are ongoing and there is no certainty that Navis will proceed with a transaction, the people said, asking not to be named as the information is private. A representative for Navis declined to comment. A representative for The Food Purveyor did not respond to requests for comment.