Hong Kong Venture Capital and Private Equity Association (HKVCA) ESG Award of Excellence 2021 goes to Turnkey’s Client, CVC Capital Partners for Munchy’s

As a result of using Turnkey’s ESG data solution to collect, track and analyse the organisation’s ESG data points over time CVC Capital’s portfolio company, Munchy’s, has improved its overall ESG position and is now recognised by the HKVCA as one of 2021’s ESG Award of Excellence Winners.

In June 2018, CVC Asia acquired a 100% stake in Munchy Food Industries Sdn Bhd (“Munchy’s”). Founded in 1991, Munchy’s is the #1 domestic manufacturer of biscuits and wafers in Malaysia.

The HKVCA Association received a total of 26 ESG case study entries from a broad range of private equity and venture capital firms from across Asia. The three winners, including CVC Capital for Munchy’s, will be honored at a special award ceremony during the HKVCA Asia Private Equity Forum on January 12, 2022.

CVC and the Management team at Munchy’s crafted an ambitious ESG roadmap in 2018, supported by Turnkey’s ESG SaaS platform. Turnkey acts as an ESG data solution provider to a number of CVC’s portfolio companies, in addition to providing consultancy and recommendations based detailed data analysis. Recommendations may include improving operations processes, such as switching to recycled & recyclable non-virgin materials, setting emissions targets and tracking use of renewable energy from solar panels vs non-renewable energy.

Utilising Munchy’s accurate, real-time ESG data hosted on Turnkey’s technology platform the organisation has achieved Planet Mark’s industry leading sustainability certification in 2020 and 2021.

Turnkey regularly provides analysis on Munchy’s YTD, YOY, MOM data comparisons for total emissions, electricity consumption/cost, materials consumption/cost, and water consumption. Some examples of improvements made over the years are:


  • Environmental: Total Greenhous gas emission / Total Production Volume was 1.65 in 2018 and has been reduced in 2021 to 0.96. 
  • Environmental: Electricity consumption, kWh / Total Production Volume was 337.4 in 2018 and has decreased to 276 in 2021.
  • Social: Diversity of the executive team has increased from 36% female to 50% in the last 2 years.

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