Southeast Asia-focused private equity firm Navis Capital Partners and mid-market buyout group Rabo Capital have sold Thai duck processor Bangkok Ranch, together with its Dutch subsidiary Duck To Holdings (DTH).
The businesses have been acquired by a consortium of investors, led by company founders Joseph Suchaovanich and Gertjan Tomassen, for THB5.7bn ($188m).
Navis and Rabo acquired a controlling stake in the businesses in 2007 for THB4.3bn ($142m). The businesses have grown in recent years with Thai operations increasing its EBITDA to THB726m ($23.9m) from the 2007 entry EBITDA of THB590m ($19.4m).
In 2010, the company expanded by acquiring UK and China-based duck genetics business Cherry Valley Farms (CVF), which is not included in the sale. Navis and Rabo have subsequently increased their shareholding in CVF as part of the sale of Bangkok Ranch and DTH.
Including dividends paid over the course of its ownership, Navis and Rabo netted approximately 1.81 times the initial investment as a result of this partial divestment.
Nick Bloy, Navis’ managing partner, said, “The divestment highlights Navis Capital Partners ability to successfully grow and exit businesses through an often-challenging macro climate, which underscores the strength of the portfolio company, management team and product. We continue to see a variety of opportunities in protein-based food production across Southeast Asia, as domestic economies increase their prosperity, and our investment in Cherry Valley Farms will certainly allow Navis to remain exposed to the duck production sector.”
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