Myanmar Distillery Co. makes brands including Grand Royal Whisky and Hero Whisky, as well as rum, gin and wine coolers that are sold through approximately 1,300 retailers and 21,000 retail stores throughout Myanmar.
This is TPG’s first return to the alcohol industry since it sold its 90% stake in Turkey’s raki maker Mey Icki Sanayi ve Ticaret AS to Diageo.
As reported by CNBC, former Diageo chief executive Paul Walsh will take up the role of co-chairman of Myanmar Distillery’s board.
“This investment marks an exciting addition to our growing Southeast Asia portfolio,” commented Ganen Sarvananthan, TPG’s partner and managing director.
“The investments we have made across Southeast Asia in the last two years, including 8990, PropertyGuru and Apollo Towers, underscore our strategy of identifying and partnering with businesses and founders that are well-positioned to capitalise on key trends within their industries and markets.”
TPG invested US$40m into telecommunications venture Apollo Towers in the first quarter of 2014.
Source: The Spirits Business