Global private equity firm TPG Capital has taken a 50 percent stake in one of Myanmar's leading spirits makers amid soaring expectations for a consumer boom in the frontier economy.
First reported by the Wall Street Journal on Monday, TPG confirmed the news in a press release later in the day.
The into Myanmar Distillery Company (MDC), which produces and sells popular whisky brand Grand Royal, will see former Diageo chief executive Paul Walsh join MDC's board as co-chairman and a representative of the TPG investment vehicle. The deal amount was not disclosed.
Monday's news marked TPG's second acquisition in Myanmar within a year.
Formerly known as Texas Pacific Group, the company injected $40 million into telecommunications venture Apollo Towers in the first quarter of 2014, which was one of the first big forays by a heavyweight U.S. private-equity firm since Myanmar first opened up its economy after decades of military rule.
"This investment marks an exciting addition to our growing Southeast Asia portfolio," said Ganen Sarvananthan, TPG's partner and managing director, in Monday's release.