KUALA LUMPUR: Tremendous Asia Partners Group (TAP) and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) have each acquired a 30% stake in food and confectionery manufacturer, Munchy Food Industries Sdn Bhd and MFI Labuan Ltd (collectively the Munchy Group).
“We believe Munchy Group, being one of the leading confectionery manufacturers in the region, represents a tremendous opportunity for TAP and KWAP to participate in the anticipated growth of this segment,” TAP joint managing partner Ng Teck Wah said in a statement yesterday, without elaborating on the value of the investment.
TAP’s other joint managing partner is Datuk Jared Lim. Lim and Ng are founders of the Asiasons Group.
KWAP chief executive officer Wan Kamaruzaman Wan Ahmad said the investment in Munchy Group is the first direct investment for its private equity arm.
“The Munchy Group co-investment reflects our confidence in the Munchy’s brand and the consumer sector,” he said.
Munchy Group is known for its established brands such as Oat Krunch, Lexus, Muzic and Captain Munch under its mother brand Munchy’s.
This article first appeared in The Edge Financial Daily, on October 21, 2014.