Singapore, 2 March 2015 – Private equity firm KV Asia Capital(“KV Asia”), through its related investment vehicle International Chocolate and Cocoa Holdings Pte. Ltd. (“ICCH”), has invested into Aalst Chocolate Pte. Ltd. and its subsidiaries (“Aalst Chocolate”).
Aalst Chocolate is a manufacturer of premium chocolate in Singapore and currently exports over 98% of its products, supplying to customers mainly in (i) Industrial (confectionery, ice-cream, biscuits and bakery); and (ii) Food Service (professionals and chefs).
Richard Lee, Co-Founder and CEO of Aalst Chocolate said, “We are delighted to partner with KV Asia in this key and exciting year for Aalst Chocolate. With the support of KV Asia, we will push forward aggressive expansion plans to capture new markets to drive growth. Aalst Chocolate is one step closer in fulfilling its vision of becoming a market leader in Asia.”
Karam Butalia, Executive Chairman of KV Asia, said, “We are excited to work closely with Richard and Connie in their growth plans for Aalst Chocolate. With its state-of-the-art production facility and experienced R&D capability, Aalst Chocolate is well-positioned in a growing market for quality chocolate, particularly in Asia, to become the leading chocolate manufacturer in Asia”.
About Aalst Chocolate
Aalst Chocolate was founded in 2003 by Richard Lee, CEO and Connie Kwan, COO. Aalst Chocolate is the first Singaporean owned brand that can produce both chocolate covertures and compound chocolate. With five brands under its wing, Aalst Chocolate exports 98% of its products to over 40 countries all over the world.
Aalst Chocolate is a recipient of multi awards (including the Monde Selection Gold Award 2014 and Enterprise 50 Award 2014) and a quality certified manufacturer (GMP certified Grade A, HACCP and FSSC 22000 certified).
About KV Asia Capital
KV Asia Capital is a Singapore headquartered private equity firm focused on making investments in mid-sized companies in South East Asia. The firm typically acquires significant or controlling ownership interest and emphasizes growth, value and quality. The experienced and multi-disciplinary team aims to be the partner of choice by facilitating profitable change through strategic, operational and financial initiatives. KV Asia Capital has offices in Singapore, Kuala Lumpur and Jakarta.