Marwit Capital in Newport Beach has sold on undisclosed terms its Driftwood Dairy Inc. to Vietnam Dairy Products Corp.
Driftwood Dairy in El Monte makes dairy products for schools, hospitals, hospitals, restaurants, cafes and cafeterias. The company said it has annual revenue of more than $100 million.
Marwit purchased the company for $22 million in 2006.
Driftwood grew revenues by about 50% under Marwit’s ownership, a news release said.
The deal is expected to help Vietnam Dairy’s meet its annual goal of selling $3 billion of dairy products.
Vietnam Dairy is a publicly listed, dairy products maker in Ho Chi Minh City, Vietnam, and has a market capitalization of about $8.6 billion. It employs about 6,600 companywide. It reported net income of $319 million on revenue of $1.8 billion in its most recent year.
Marwit Capital is one of the oldest private equity firms in the Western U.S. It invests between $10 million to $40 million in companies with revenues ranging from $20 million to $200 million and enterprise values up to $100 million at the time of investment.