Wong & Partners, Baker McKenzie’s Malaysian member firm, has guided Navis Capital Partners on its divestment in The Food Purveyor (TFP) to Lotuss Stores, a subsidiary of Thailand-based retail and wholesale group CP Axtra Public Company.
The transaction was reportedly valued at THB13 billion (USD390 million).
Wong & Partners said venture capital company Navis invested in TFP in 2014. The company operates some of Malaysia’s leading premium grocery brands, including Village Grocer, Ben’s Independent Grocer, The Food Merchant, BSC Fine Foods and Pasaraya OTK.
The firm served as Navis’ lead counsel, handling all aspects of the transaction, including regulatory matters, due diligence and drafting and negotiating the transaction documents.
Partner Stephanie Phua led the Wong & Partners team, with support from senior associate Ee Na Teo and associate Yee Xuan Tan.
TFP currently operates more than 50 stores across Penang, Klang Valley, Negeri Sembilan and Johor Bahru.
