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Fund invests in Asia Chemicals Corporation
Mekong Enterprise Fund II (MEF II), managed by Mekong Capital, has invested US$3.4 million in Asia Chemical Corporation, a specialty chemicals distribution company in Viet Nam.
This is the 10th investment of MEF II since its launch in June 2006.
Nguyen Thien Truc, ACC's CEO and founder, said: "Demand in Viet Nam for ingredients and specialty chemicals is rising rapidly on the back of explosive consumption growth. In order for us to reach the next level of expansion, we were looking for a long-term investor with a true understanding of and commitment to ACC's vision."
ACC specialises in providing products and services to various industries, including food and beverage, dairy, seafood, instant noodle, pharmaceutical, feed, veterinary, bakery, confectionery, and other applications including personal care, cosmetics, paint and coatings.
The company is currently sourcing products from some 300 suppliers worldwide, storing them in its own facilities and selling them nationwide to some 1,300 customers, including some of the leading enterprises in Viet Nam.
Beginning last year, ACC has manufactured select specialty chemical products such as non-dairy creamer and silica gel for export.
The $50 million Mekong Enterprise Fund II is a private equity fund focusing on equity investments in unlisted companies in this country, aiming its investments in well-managed, fast-growing companies, particularly in consumer-driven industries. It has sold two of its 10 investments.
vietnamnews
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