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Newsbreak: Two foreign PE funds move to front of the line for purchase of Jaya Grocer


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. ....

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New owners of TF Value-Mart to keep winning formula


PAHANG-based hypermarket operator TF Value-Mart (TF) is thriving despite the Covid-19 pandemic as it follows a simple formula: focus on second-tier cities and remain asset-light.
After reporting a near 9% year-on-year growth in revenue to RM1.48 billion last year, the profitable retailer expects to end 2020 with an even bigger jump in revenue of 15% to RM1.7 billion.
Remarkably, all of its stores have remained profitable this year and have been performing above expectations since the beginning of March.
Not surprising then that when Singapore-based private equity firm KV Asia Capital Pte Ltd said it was seeking a buyer for TF as it wanted to monetise its investment, the hypermarket operator’s top management jumped at the opportunity to take over the business. ....

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