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