Japanese conglomerate Marubeni’s subsidiary Marubeni Growth Capital Asia and AIGF, the private equity fund sponsored by Japanese conglomerate Mitsubishi Corporation, seal separate deals with SE Asian companies.
Marubeni Growth Capital Asia backs Indonesia’s One-ject
Japanese conglomerate Marubeni’s subsidiary Marubeni Growth Capital Asia (MGCA) has invested in medical consumables producer PT One-ject Indonesia, according to an announcement.
“Demand for medical care in Southeast Asia is growing at an annual rate of approximately 8-10%, significantly higher than the characteristic rate seen in developed countries. In particular, demand for medical consumables, including syringes, is growing rapidly due to rising uptake of disposables in healthcare,” MGCA said.
The investment firm claimed One-ject is a dominant player in auto-disable syringes (disposable syringes with a special safety mechanism to prevent re-use) in Indonesia.
This is MGCA’s first transaction in the healthcare sector in Southeast Asia, and its third investment overall.
It has recently acquired a significant minority stake in Vietnamese food ingredients and packaged food producer AIG Asia Ingredients Corporation, after bringing Canadian coffee chain Tim Hortons to Singapore, Malaysia and Indonesia.
MGCA is under Marubeni’s Next Generation Corporate Development division, which was established last year to capture the growth of consumer businesses in Southeast Asia and the US.
MGCA says on its website that it typically writes checks ranging from $30 million to $200 million in Southeast Asian high-growth companies valued at between $50 million and $1 billion.
AIGF invests in Vietnamese water purifier maker Karofi
AIGF, the private equity fund sponsored by Japanese conglomerate Mitsubishi Corporation, said it has invested in Tecomen Holding, a manufacturer and distributor of water purifiers in Vietnam under the brand Karofi.
Founded in 2006, Karofi’s products include water purifiers, water filters, other water dispensers, water heaters, industrial filters, and air conditioners.
“Partnering with AIGF will further strengthen our balance sheet, enhance our value proposition to clients, and enable us to fuel our growth plans to maximize our potential in the industry,” said Nguyen Thy Phuong, CEO and founder of Karofi.
Karofi is the third investment from AIGF’s second fund. The fund was closed at 17.3 billion yen ($93 million) in August last year.
Other investments by the firm include the KFC franchisee in Thailand, flexible workspaces provider KMC Solutions and Meatworld International in the Philippines, Singapore-based logistics firm BHS Kinetic, and Malaysian supermarket chain Jaya Grocer, which AIGF exited in 2021.