ICG Asia Pacific Fund IV invests in TF Value Mart

Defocused Image Of Food And Drink On Shelves In Illuminated Store
Intermediate Capital Group (“ICG”) is pleased to announce the signing and closing of the first investment for its Asia Fund IV.

ICG has backed management to acquire TF Value Mart (“TF”), a leading operator of grocery retail stores across Malaysia, offering fresh produce, grocery products and general merchandise to local consumers. TF’s differentiated positioning, as a retailer offering a wide selection of fresh produce along with highly affordable prices, has resulted in an excellent track record of growth and profitability. TF Value Mart is well-regarded by customers for its focus on fresh produce and its product range, as well as for delivering quality and value to customers.

Escamillo Lin, ICG’s Managing Director & Head of Southeast Asia – Private Equity and Mezzanine commented:

We have known the senior leadership team of TF for a number of years, and we are thrilled to support them in the acquisition of TF. We are convinced of the strengths of TF and its management, and will actively support their growth strategy and reinforce its market position in Malaysia. Working in close partnership and building trust with management teams is central to our investment philosophy, and we hope to complete many more of these transactions in the future.

Ho Mun Hao and Anthony Lee, TF’s CEO and CFO respectively, said:

On behalf of the senior leadership team, we are delighted with ICG’s support for the next step in TF’s journey, and very much look forward to our new partnership.

ICG has had a presence in Asia for more than 20 years and operates from four offices in Tokyo, Hong Kong, Singapore and Sydney. Its Asia Pacific Fund IV invests in the debt and equity of mid-market businesses in the Asia Pacific economies of Japan, South Korea, Hong Kong, SE Asia, Australia and New Zealand.

Financial and Legal advisers to ICG were Maybank IB and Rahmat Lim & Partners, respectively.