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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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PE Firm Navis Mulling Sale of Malaysian Supermarket Owner


PE Firm Navis Mulling Sale of Malaysian Supermarket Owner
Bloomberg
2/22/2021
Elffie Chew and Yantoultra Ngui
© Bloomberg
A shopping cart filled with paper towels, instant noodles and other products stands at a supermarket in Shah Alam, Selangor, Malaysia, on Tuesday, March 17, 2020. Malaysia is restricting people s movement nationwide to limit the spread of the coronavirus. The country is banning all visitors, and residents are barred from traveling overseas while places of worship, schools and business premises will be shut except for markets that supply daily needs, Prime Minister Muhyiddin Yassin said in a televised address late Monday.
(Bloomberg) Asian buyout firm Navis Capital Partners is exploring a sale of premium supermarket chains in Malaysia, which could be worth about 1 billion ringgit ($248 million) according to people with knowledge of the matter. ....

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PE firm Navis mulling sale of Malaysian supermarket owner — sources


(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. ....

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