CVC Capital Partners Asia Fund IV (CVC Asia IV), a private equity firm, has fully acquired Munchy Food Industries (MFI) and its Malaysian subsidiary Munchworld Marketing.
Prior to the acquisition, MFI was 70% owned by Double-V Series, the holding company owned by founders of MFI. Meanwhile, fund investor TAP Crunch held the remaining 30% stake. The management team, personnel and business operating system have been fully retained and are led by CEO Rodney Wong and COO Rajan Pillai. MFI’s board of directors for MFI will comprise representatives appointed by CVC Asia IV as well as Wong and Pillai.
Co-founder of MFI, LK Tan, said there were many offers from potential investors in the past, but CVC’s vision for the brand aligned “extremely well” with its identity.
“Their global network and experience will be invaluable in growing the Munchy’s brand into a global name – with new markets, new technology and new innovations. We are excited to see CVC take the Munchy story into the next phase, becoming a global powerhouse,” Tan said.
MD of CVC Capital Partners Alvin Lim said that over years, MFI has built an exceptional platform with proven scalability to meet the demands of the company’s growing consumer base. It looks forward to working with MFI’s managment team to help them achieve their strategic plan of driving value over the next few years to further grow the company.