KKR has completed an additional investment in Sylvan, a global mushroom spawn and fungal biotechnology company, as the firm continues to fund the company’s expansion plans and broaden its investor base. The new round includes participation from a group of global and China-based investors, alongside a follow-on investment from Novo Holdings, which increased its ownership stake. KKR will remain Sylvan’s majority investor following the transaction.
Founded in 1932, Sylvan supplies mushroom spawn and develops fungal biotechnology applications aimed at sustainable solutions across food, health, agriculture, materials, and other bio-products. The company operates multiple production sites worldwide and serves customers in 65 countries.
KKR said the latest investment will support Sylvan’s next phase of growth, including increased production capacity, strengthened R&D capabilities, the development of new high-growth product categories, and deeper expansion across Asia’s industrializing mushroom and bio-products markets.
The investor group in the round included TPG NewQuest, which KKR said served as lead investor in a GP-led transaction alongside KKR, as well as Ping’An Capital, China Post Insurance, Schroders Capital, and Tsao Pao Chee. KKR added that it is investing through both its international and domestic vehicles, including its first renminbi-denominated fund, designed to enable local investors to participate.
KEY QUOTES:
“Sylvan has delivered sustained growth under our strategic partnership, including strong expansion and advances in R&D and strategic acquisitions. We have worked closely with management to broaden Sylvan’s role in the global fungal biotechnology sector and beyond. KKR is pleased to welcome new investors from overseas and China to join us in supporting Sylvan to expand its platform and global reach.”
Chris Sun, Partner and Head of China Private Equity, KKR
“KKR has been a trusted partner for Sylvan through our development, and we are pleased to have their continued support. This investment allows us to accelerate our ambition to become a global leader in fungal biotechnology solutions across strategies and regions. With the support and expertise of our investors, we have faith in Sylvan’s next phase of growth.”
Jackie Qi, CEO, Sylvan
