Azelis increases its market presence in Vietnam through the acquisition of a majority shareholding in MKVN CO., LTD. and VIET CHEMI CO., LTD

Azelis is delighted to announce it has acquired a majority shareholding of MKVN CHEMICALS CO., LTD. (MKVN CO., LTD.) and VIET CHEMICALS TRADING AND SERVICE COMPANY LIMITED (VIET CHEMI CO., LTD) through their parent company Bellekimia Singapore Pte. Ltd (Bellekimia). Both companies are active in personal care, industrial chemicals, agro and food segments as well as supply chain solutions. Founded in 2000 and with offices in Hanoi and Ho Chi Minh, MKVN CO., LTD. and VIET CHEMI CO., LTD have a strong reputation in Vietnam, serving first-class international principals and 700 customers.

Highlights & rationale

• Strong market presence and know-how of the local MKVN CO., LTD. and VIET CHEMI CO., LTD teams will significantly increase Azelis’ presence in Vietnam allowing for significant portfolio expansion through lateral integration.
• Vietnam is the 15th most populated country in the world with a very young workforce, increasing purchasing power and growing access to premium products.
• MKVN CO., LTD.’s and VIET CHEMI CO., LTD's  main business activity in personal care benefits directly from these favorable macroeconomic factors.
• This transaction is consistent with Azelis’ corporate strategy of complementing organic growth with strategic acquisitions.  

Mr. Kamal Hezry Kassim, Managing Director of MKVN CO., LTD. and VIET CHEMI CO., LTD, will continue to manage the business and will report to Azelis Asia Pacific CEO & President, Laurent Nataf.

Mr. Laurent Nataf, CEO & President of Azelis Asia Pacific, explains:

“Growth in Asia Pacific has been one of the strategic priorities for Azelis. By strengthening our presence in Vietnam, we will gain better coverage in the entire region which is key for us to attract new mandates with our existing principals. Azelis and our new partners MKVN CO., LTD. and VIET CHEMI CO., LTD have highly complementary business models which will help us diversify our product portfolio significantly. MKVN CO., LTD. and VIET CHEMI CO.,LTD currently operate best-in-class personal care laboratories in Vietnam. These laboratories will provide important added value to Azelis’ existing technical expertise and will bring benefits to the entire region. Last but certainly not least, the Kassim family have an excellent reputation in the market and the entire management team is well known and respected in the country.”

Mr. Kamal Hezry Kassim, Managing Director of MKVN CO., LTD. and VIET CHEMI CO., LTD ​​, adds:

”We are very excited about this partnership for several reasons. Firstly, becoming part of such a highly regarded, international player will not only provide continuity and security for our company but also additional expertise, infrastructure and growth opportunities. Secondly, we will benefit greatly from Azelis’ sustainability reputation and EcoVadis Gold rating, which are both important criteria for customers and corporate principals alike in South East Asia. Thirdly, there is an excellent fit between our strong technical focus on one side and Azelis’ ability to offer innovative solutions to the market on the other. In short, joining forces with Azelis will bring great synergies not only for both companies but also will be beneficial for our principals and customers alike.”

Azelis has been active in Vietnam since 2015 and employs some of the best industry professionals in the country. Azelis runs application laboratories for Personal Care, Home Care, CASE and Textiles in Vietnam.

The acquisition of MKVN CO., LTD. and VIET CHEMI CO., LTD illustrates the support provided by EQT since the initial acquisition of Azelis. EQT is confident that the expanded range of services and global reach provided by this acquisition will continue to bring benefits to customers and principals of the combined group.