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Carlyle Group LP/The
Blackstone Group LP
Malaysia’s Mamee Double Decker Bhd., a snacks maker that delisted from the Kuala Lumpur stock exchange in January, is seeking bidders for a minority stake, said two people with knowledge of the matter.
The Malacca-based company, owner of brands including Mister Potato and Mamee Instant Noodle, hired Rothschild for the sale of about a 40 percent stake and is seeking at least $100 million, said the people, who asked not to be named as the process is private.
Mamee, led by Chief Executive Officer Pang Tee Chew, was incorporated in 1971, according to its website. Pang’s family last year took Mamee private in a 179.8 million ringgit ($57 million) deal.
The privatization offer represented an estimated price-to- earnings ratio of 12 times, according to a research report by Inter-Pacific Research Sdn. in April last year.
Mister Potato, a brand of potato crisps and chips, signed a sponsorship deal with soccer club Manchester United Ltd. in August 2011. Mamee’s profit slipped to 3.54 million ringgit in the quarter ended Sept. 30, 2011 from 12.2 million ringgit a year earlier, data compiled by Bloomberg show.
The company’s advisers may invite companies including PepsiCo Inc. (PEP), Kirin Holdings Co Ltd. (2503) and Lotte Confectionery Co., as well as private equity funds like Carlyle Group LP (CG) and Blackstone Group LP (BX) to bid for the stake, the people said. First-round offers are due next week, they said.
Pang was traveling and unavailable to comment, said a person who answered the phone at Mamee’s head office today. Officials at Carlyle and Kirin declined to comment, while Blackstone and PepsiCo spokesmen weren’t immediately able to comment. Lotte Group spokesman Park Sang Sub said by telephone today that the company isn’t considering a bid for Mamee.
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