CVC Capital Partners Asia Fund IV (CVC Asia IV) has acquired a 100% stake in snack food manufacturer Munchy Food Industries (MFI) and its Malaysian subsidiary Munchworld Marketing.

The financial details of the acquisition have not been disclosed by either of the companies.

MFI was established in 1991 and primarily produces snack foods such as biscuits and confectionery, which are distributed to more than 50 countries worldwide.

"There were many offers from potential investors in the past, but CVC’s vision for the brand aligned extremely well with our identity."

Its portfolio of products includes Munchy’s, Oat Krunch, Lexus, Muzic and Choc-O.

MFI co-founder L K Tan said: “As a homegrown Malaysian brand, the Munchy team is proud that our hard work and product innovation over 25 years has enabled us to grow into the regional business we are today.

“There were many offers from potential investors in the past, but CVC’s vision for the brand aligned extremely well with our identity.

“Their global network and experience will be invaluable in growing the Munchy’s brand into a global name with new markets, new technology and new innovations.”

The holding company owned by MFI’s founders, Double-V Series, held 70% stake in MFI prior to the acquisition, while fund investor TAP Crunch owned the remaining 30% stake.

CVC Capital Partners managing director Alvin Lim said: “This is an exciting opportunity to invest in a leading player with a consistent track record of growth and a highly cash-generative business.

“Over the years, MFI has built an exceptional platform with proven scalability to meet the demands of the company’s growing consumer base.

“We look forward to working with MFI’s management team to help them achieve their strategic plan of driving value over the next few years to further grow the company.”