ICG Nearing $196 Million Deal For Malaysian Hypermarket

(Bloomberg) -- Intermediate Capital Group Plc is nearing an agreement to acquire a controlling stake in a Malaysian hypermarket chain from Southeast Asian private equity firm KV Asia Capital Pte for more than 800 million ringgit ($196 million), according to people familiar with the matter.

The U.K. alternative asset manager is looking to buy the stake in TF Value Mart Sdn. from KV Asia, which is being advised by Rippledot Capital Advisers Pte, said the people, who asked not to be named as the process is private. The deal could be signed as soon as next week, said the people.

The Singapore-based buyout firm isn’t the only company offloading a Malaysian supermarket chain. The Teng family and the Asean Industrial Growth Fund are working with an adviser to sell Jaya Grocer, the country’s biggest high-end supermarket chain, for more than $200 million, Bloomberg News reported in October.

KV Asia reached out to potential buyers of TF Value Mart last year, according to the people. The private equity firm, together with local and international partners, bought a controlling stake in TF Value Mart in 2016, according to a company statement.

TF Value Mart operates a chain of 36 hypermarkets across eight states in Peninsular Malaysia, offering fresh produce, grocery products and general merchandise, according to its website.

Deliberations are ongoing and there is no certainty that a deal will proceed, said the people. A representative for KV Asia and an external spokesperson for ICG declined to comment. A representative for Rippledot could not immediately comment.

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