READ OUR STORY /
Business Advisors since 2006
Why is it that West Indochina’s team is better positioned than anyone else to deliver successful M&A deals in Myanmar?
West Indochina was established in 2006 by a small group of people who already demonstrated their ability to deliver visible results in a variety of fields in Myanmar.
Results such as… pioneering Myanmar’s consumer good industry, developing the country’s first truly five star boutique hotel, helping to establish single exchange rate mechanisms, and conducting negotiations to settle high profile land ownership disputes.
Collectively, these unique journeys bring not only a wide and deep network along with an impressive collection of functional skills but also and most importantly an insider’s understanding of how things work in Myanmar. And yes, things do work in Myanmar, results can be achieved, deals can be signed
and things in general can happen but sometimes in a very unusual way.
We help our clients succeed because we love what we do and we all share a fascination for the
extraordinary complexity of Myanmar. We derive satisfaction from achieving results in a particularly challenging environment. We take pride in reaching our objectives respecting deadlines and objectives. In forming our recommendations, we apply the discipline of clarity and simplicity.
In summary, no one understands how to succeed in Myanmar better than we do.

Our Six Core Competencies /
In addition to M&A, our advice is regularly sought in the following areas:
The biggest resource of Myanmar is not jade, gas or teak. It is people.
Our internal resources are second to none to advise our clients in that critically important area.
In 2006 we pioneered the executive search industry, in 2015 we became the exclusive franchisee of Dale Carnegie Training in Myanmar and in 2020 we became the exclusive distributor of Willis Towers Watson Human Capital solutions.
We are well equipped to advise on how to Attract, Retain and Develop human resources in Myanmar.
Every M&A deal involves some form of restructuring and people changes and West Indochina is best equipped to provide solutions.

A successful M&A is not only an acquisition —it is how that acquisition fits into the broader long-term strategic vision of the Company.
Since 2016 our Founder Luc de Waegh is Senior Advisor to Roland Berger the leading Strategy Consulting firm in Myanmar.
Amongst others Roland Berger has been advising the Myanmar Government on the liberalisation of the Telecom and Banking sectors, as well as transforming the former telecom monopoly into a vibrant world-class telecom company.
In addition, Roland Berger has advised many large conglomerates on their growth and transformations strategies.

Commercial considerations are paramount in any M&A, but things can get tripped up if proper legal procedures are not followed, and the legal environment in Myanmar has its own special issues.
In a furiously fast-changing regulatory environment, it is often a challenge to gain that comfort level of clarity before making any decision—investment decisions in particular.
To better understand local laws, we trust local law practitioners. Our Founding Associate U Min Sein, Advocate at the Supreme Court, is a leading legal advisor in Myanmar.
He and his team will come with clear and actionable advices – not a long list of cautions and disclaimers.

Any company, whether bought or sold, must operate within the social fabric of Myanmar, which brings its own set of complex issues.
The country has been virtually isolated from the rest of the world for 60 years which has created an invisible but real barrier to entry.
Our Associate Leon de Riedmatten has been a privileged witness of major developments on the political scene of Myanmar for the last 20 years.
His understanding of fundamental society trends has judiciously guided many investors to avoid serious pitfalls and reconciling what at face value seemed irreconcilable.

West Indochina knows fast moving consumer goods more deeply than anyone else and can confidently guide our clients interested in investing in this very promising industry.
We have built some of the best-known brands in Myanmar and developed the largest distribution network of any consumer goods with a reach in excess of 100,000 points of sales nationwide.
Since 1993, with a team of industry pioneers, we created many “firsts” in the consumer goods industry.

Tourism is and will continue to be a key growth sector for the country.
From the snowcapped Mount Khakaborazi to the thousands of immaculate tropical islands of the Andaman Sea Myanmar offers an incomparable variety of landscapes and climates in addition to a truly unique diversity of ethnicities and cultures.
Our Founding Associate Mr. Franz von Merhart has developed award winning hotels and restaurants and knows every corner of the country.
His unique knowledge is available to those companies wishing to enter the attractive tourism sector.

Success Stories /
1. Myanmar Vineyard
When two visionaries meet.
Myanmar Vineyard is the brainchild of German entrepreneur Bert Morsbach. Started with a few imported vines in 1998 into the Shan State and after going through a steep learning curve about growing grapes in tropical conditions, Aythaya wine was introduced to the local market in 2004. Curiosity brought many customers for their first experience of a wine made in Myanmar. Many stayed for the unexpected high quality and consistency. In 2015 it became clear that to continue to grow at a healthy pace a wider distribution was necessary. Several options were studied. City Mart is the leading retailer in Myanmar.
One of the founder’s visions is to source as many products as possible in Myanmar. Their market leading operation specialized in HORECA channel was the perfect match. All ingredients for a good deal were present. West Indochina led it to a successful completion in 2017.


“Luc and his team have delivered above expectations. Many unforeseen challenges were met with professionalism and empathy. A delightful experience from end to end.”
Bert Morsbach
Founder of Myanmar Vineyard


2. EXERA – Securing Myanmar
A strategic growth story.
In 2012, two ex-military personnel were based in Myanmar where they met for the first time. They realised that in this “last frontier market” there was a real need to for professional security services. EXERA was born. From humble beginnings the company quickly gained the trust of prestigious corporations and international organisations. They grew extremely fast and left the two co-founders with not much time for anything else. In 2017 both co-founders met family situations calling for a change in lifestyle.
They approached West Indochina for advice. We suggested a few options and they decided to go for the exit option.
Myanmar Strategic Holdings (MSH) is a leading Private Equity firm focusing on Myanmar growth opportunities. MSH is listed on the London Stock Exchange.
EXERA offered a growth potential that convinced MHS. Today, with MHS’ strategic input and disciplined operator’s approach, EXERA continues to grow to the satisfaction of both seller and buyer.



“West Indochina’s team has delivered on promise. As we were “new to the game” they took the time to take us step by step into the process until we felt comfortable with every decision.”
Jim Hogan
Co-Founder EXERA