By Yantoultra Ngui and Kane Wu
SINGAPORE/HONG KONG (Reuters) – Affinity Fairness Companions, a Hong Kong-based buyout agency, has concluded two acquisitions in Southeast Asia value a mixed $1.65 billion, individuals with data of the offers stated.
It purchased Jakarta-based gummy sweet firm Yupi for $1.2 billion, stated two of the individuals. Yupi, based in 1996, is without doubt one of the largest gummy sweet makers in Asia and its merchandise are bought in additional than 50 nations, in line with its web sites.
Affinity acquired the corporate from Yupi’s founders, one of many individuals added.
The agency additionally bought Golden Contemporary, considered one of Malaysia’s largest seafood processors, for $450 million, stated one of many individuals and a 3rd individual with data of the matter. Golden Contemporary was based in 1989 and is predicated in Penang.
Reuters was not instantly capable of study the names of Golden Contemporary’s sellers.
The acquisitions will assist Affinity faucet into Southeast Asia’s robust financial development prospects, in line with one of many sources.
The sources declined to be recognized because the discussions had been non-public. Affinity, Yupi and Golden Contemporary didn’t reply to requests for remark.
The transactions are a comparatively shiny spot for dealmaking in Southeast Asia. Deal worth within the area halved within the first 9 months of the yr in comparison with the identical interval a yr earlier with solely 4 offers exceeding the $1 billion mark, in line with a report by the Boston Consulting Group.
However M&A exercise may enhance on the again of the area’s robust financial prospects and company efforts to change into extra digital, the report stated.
Based by former UBS banker Tang Kok-Yew in 2002, Affinity has $14 billion of property beneath administration throughout the Asia Pacific area and 58 investments in 11 nations, in line with its web site.
In September, an Affinity-led consortium bought Island Hospital in Malaysia to regional healthcare group IHH Healthcare at an enterprise worth of 4.2 billion ringgit ($940 million).
In April, Affinity bought its remaining 17.1% stake in Indonesian natural drugs firm Industri Jamu dan Farmasi Sido Muncul to controlling shareholder the Hidayat household for $233 million.
($1 = 4.4630 ringgit)