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Permira invests in Grobest Group. Global investment firm Permira and Ye Cherng Industrial Products co. Ltd (Grobest), one of the largest independent and most advanced producers of aquatic feed in Asia, have announced that a company backed by Permira funds, will acquire 50% of the shares of Grobest, through a new joint venture company that will become the sole corporate shareholder of Grobest after closing. A shareholder group led by Grobest CEO Ko Chi-kang and Chairman Chen Chun-ping, will also retain a 50% stake in Grobest.

Founded in 1974 and headquartered in Taiwan, Grobest has operations in Taiwan, Vietnam, Thailand, China, India, Indonesia, Philippines and Malaysia. In addition to this broad presence across Asia, the world’s leading aquaculture market, Grobest is also a pioneer and technological leader in an array of innovative and differentiated functional feed products, focused on preventing and combating diseases as well as increasing yield. Furthermore, the company provides a full range of services and technical assistance to farmers throughout Asia, including pond maintenance, water treatment, and soil and disease testing.

Grobest was identified by Permira as a highly attractive investment opportunity based on its strong technical capabilities and R&D leadership across warm water species, wide regional presence, and its vision for expanding the business further across Asia and globally.The Founding families, represented by Mr. Ko and Mr. Chen, will continue to play an important role in the development of Grobest.

Mr. Ko commented: “We are delighted to partner with Permira as we pursue our plans for further growth in the region and expansion into new markets. Permira’s expertise in backing businesses to become global leaders will help accelerate the next stage of Grobest’s development, after more than four decades of innovation and success.”

Mr. Chen added: “I would like to thank our team for all of their hard work, which has been critical to our success to-date and will be even more important going forward. I am also very pleased to welcome Permira as our new partner, with their expertise in aquaculture and knowledge of how to build and strengthen our business for the next exciting stage of our journey.”

Alex Emery, Head of Permira Asia, added: “As we continue to expand and deepen our footprint across Asia Pacific, we are delighted to announce the Permira funds’ first investment in Taiwan. We look forward to working with the Grobest team and contributing our significant aquaculture and animal health experience, to fuel the company’s future growth.”

The transaction is expected to close in December 2018 subject to customary closing conditions.