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VinaCapital and Daiwa PI Partner in $45 million co-investment

Released at: 10:11, 19/12/2014

VinaCapital and Daiwa PI Partner in $45 million co-investment

Co-investment in International Dairy Products secures 70 per cent stake.

by Thong Dat

VinaCapital Vietnam Opportunities Fund Ltd (VOF) and the Tokyo-based Daiwa PI Partners Co. Ltd have announced a major investment in International Dairy Products (IDP). VOF and DPIP have co-invested $45 million, with 80 per cent from the former, making them the largest shareholders in IDP, with a combined 70 per cent stake.

IDP was established in 2004 with a first factory in Chuong My, Hanoi. It later opened a second and third factory in Ba Vi, Hanoi, and Cu Chi, Ho Chi Minh City; two of the largest fresh milk production facilities in the country, in 2010 and 2013. IDP cooperates with over 2,000 farmers, collecting more than 75 tonnes of fresh milk each day for dairy production, under such brands as Love’in Farm, Ba Vi, and Love’in Farm KUN. Management expects total revenue this year to exceed $80 million.

With the two new major shareholders IDP will now have more resources at its disposal to support its long-term goals, which focus on developing high quality dairy and nutrition products, in particular for women and children, said Mr. Tran Bao Minh, IDP CEO. “Discussions with VOF and Daiwa PI Partners have already helped to shape our plan to expand dairy farms, improve productivity, and improve our nationwide distribution system,” he added.

Commenting on the deal, Mr. Don Lam, VinaCapital CEO said that: “We are very pleased to be working closely with Mr. Minh on our latest private equity investment, as he immediately brings unparalleled experience to help lead IDP through the next phase of the company.”

VinaCapital is the leading investment management and real estate development firm in Vietnam, with a diversified portfolio of $1.5 billion in assets under management. It manages three closed-end funds trading on the AIM Market of the London Stock Exchange: VinaCapital Vietnam Opportunity Fund Ltd (VOF), VinaLand Ltd (VNL), and Vietnam Infrastructure Ltd (VNI). VinaCapital also co-manages the $32 million DFJ VinaCapital L.P. technology venture capital fund, with Draper Fisher Jurvetson.

Daiwa PI Partners Co. Ltd (DPIP), a member of the Daiwa Securities Group, is a high-profile multi-sector investor in Japan and an authority in private equity and debt investments with 13 years experience investing in major companies inside and outside of Japan. With the investment in IDP, DPIP has taken its first step in Vietnam, where it sees tremendous growth opportunities.

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