Navis backs Thai meat producer

The transaction also saw the buyout firm acquire the related European businesses of Grampian Foods Siam.

Kuala Lumpur-based Navis Capital Partners has acquired a substantial stake in Thailand-based Grampian Foods Siam, as well as its related businesses in Europe, from Netherlands-based VION Food Group.

The firm has invested between $50 million and $100 million in the company, according to David Ireland, a Navis director. 

Grampian Foods Siam produces both raw and cooked chicken products. The acquired businesses have an annual turnover of more than $200 million and export cooked chicken products, primarily to the UK and Japan.

The capital will be used to develop and expand Grampian Foods Siam. It also gives Navis a seat on the company’s board, Ireland noted.

This is not the firm’s first investment in the poultry producing space, as it has previously invested in Bangkok Ranch, a duck product producer. The firm also has “a comfortable understanding of the customer base through another portfolio company, Kentucky Fried Chicken, in Hong Kong and Macau”, Nick Bloy, the firm’s managing partner, said in a statement.

The investment was made out of Navis Asia Fund V, which was about 50 percent invested by April, Bloy told PEI Asia at the time. The fund closed on over $1 billion in 2007, more than triple the size of its predecessor Navis IV, which closed on $315 million in 2004.

Prior to this investment, the firm’s most recent deals have been made in India. These include a $30 million investment in Edutech, an education company, for a stake of between 55 percent and 80 percent; and an undisclosed investment for the acquisition of a 62 percent stake in Mumbai-based Sah Petroleums, which manufactures automotive and industrial lubricants.