Vietnam's Masan Group in $200m KKR deal

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Media captionVietnam's growing middle class is an attraction for investors

Private equity fund KKR has increased its share in Vietnam's leading fish, soya and chilli sauce producer.

The $200m (£125m) deal with Masan Group is the largest by a private equity firm so far in Vietnam.

As well as sauces Masan makes instant foods such as noodles, cereals and coffees. The firm estimates that 90% of local households use its products.

Vietnam has a population of 88 million and while its economy has slowed food spending is expected to increase.

KKR originally invested $159m in Masan Consumer back in 2011.

"Doubling our investment in less than two years demonstrates our strong conviction in Vietnam's growth story," said Ming Lu, KKR regional head of Southeast Asia.

KKR has holdings in other food manufacturing companies such as Del Monte foods, Korea's Oriental Brewery and China Modern Dairy.

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