KV Asia Capital (“KV Asia”) is pleased to announce it has fully exited its investment in TF Value Mart (“TFVM”), a leading grocery retailer in Malaysia.
The divestment was completed in November 2020 and marks the culmination of one of KV Asia’s most successful investments. TFVM was acquired by KV Asia in February 2016. Post acquisition of the business, KV Asia brought in an experienced management team led by Ho Mun Hao (CEO) and Anthony Lee (CFO), and oversaw a wide-ranging business transformation programme that focused on strengthening TFVM’s unique value proposition and various operational processes. TFVM’s differentiated positioning as a retailer offering a wide selection of fresh produce along with highly affordable prices, coupled with its strategic focus on the secondary ‘Tier 2/3’ cities and towns in Malaysia, has resulted in an excellent track record of growth and profitability. Under KV Asia’s stewardship, TFVM’s store footprint has doubled since 2016, extending its store network to several new states across Malaysia.
Mark de Venecia, Partner at KV Asia, said: “TF Value Mart is an excellent example of KV Asia’s approach to private equity ownership, where we focus on acquiring and growing high quality companies in Southeast Asia, and supporting exceptional management teams to deliver significant value add across the investment cycle.” Jeremy Tan, Managing Director at KV Asia, added: “TF Value Mart has certainly delivered on the potential we originally saw in the business. We’ve witnessed the transformation of TF Value Mart from a family-owned business into one of the leading and fastest growing grocery retailers in the country today.”
Ho Mun Hao, who will remain as the CEO of TFVM (along with the rest of the senior leadership team who will also continue in their current roles), said: “KV Asia has been an outstanding partner, and their support and strategic input have been invaluable to TF Value Mart’s growth over the past few years. I’m extremely excited by this milestone in TF Value Mart’s journey and look forward to continuing on our growth trajectory.”
KV Asia was advised by Rippledot Capital Advisers (as exclusive financial adviser), and Wong & Partners (as legal adviser).
About TF Value Mart
TF Value Mart operates a chain of more than 35 grocery retail stores across several states in Malaysia, offering fresh produce, grocery products and general merchandise to local consumers. TF Value Mart is well-regarded by customers for its focus on its fresh produce and wide product range, as well as for delivering quality and value to its customers. For more information about TF Value Mart, please visit: https://www.tfvaluemart.com.my/
About KV Asia
KV Asia is a private equity firm focused on making significant equity investments in quality mid-sized companies in Southeast Asia and across various industry sectors, including healthcare, education, consumer, financial, and manufacturing. With over 100 years of collective experience honed over multiple business cycles, the KV Asia team has an outstanding and consistent track record in delivering value, facilitating growth and enhancing quality across a broad spectrum of geographies, industries and transaction structures. For more information about KV Asia, please visit: http://www.kvasiacapital.com/