VOF, an AIM-traded investment company and Daiwa PI Partners (DPIP), a Tokyo-based leading financial investor, announced that they have acquired a majority stake in International Dairy Products JSC (IDP), one of Vietnam's leading dairy producers. VOF and DPIP have co-invested USD45.0 million (80.0% from VOF) making them the largest shareholders, with a combined 70.0 percent ownership stake in IDP.
In making the announcement, Managing Director of VOF Fund, Andy Ho said Vietnam’s economy has become stable in recent times with a low inflation rate and banking interest rates, which creates a favourable business climate. He expressed his belief that the move would help IDP further develop and become one of the leading dairy producers in Vietnam.
International Dairy Products JSC was established in 2004 with its first factory in Chuong My - Ha Noi. It later launched the second and third factory in Ba Vi and Cu Chi, two of the largest fresh milk production hubs of Vietnam, in 2010 and 2013. IDP specializes in producing and selling UHT milk, pasteurized fresh milk, spoon and drinking yogurt, using the latest technology from Europe to offer the best-quality dairy products to Vietnamese consumers.
Currently, IDP is cooperating with over 2,000 farmers, collecting more than 75 tonnes of fresh milk per day for dairy production under such brands as Love'in Farm, Ba Vi, and Love'in Farm KUN. Management expects total revenue to exceed USD80.0 million for 2014.
