September 2026
Largest Wholesale Distribution Public Companies in Singapore
Benchmark revenue and EBITDA valuation multiples for public comps like
Jardine Cycle & Carriage, Olam Group, Halcyon Agri Corp, Accrelist and Noble Group.
 | Jardine Cycle & Carriage is a Singapore-listed regional investment holding company within the Jardine Matheson group. Founded in 1899, it owns strategic interests in automotive distribution, financial services, consumer goods, agribusiness and industrial companies across Southeast Asia. The group earns dividends, share of associate profits and operating income from controlled businesses. It serves regional consumers and enterprises through portfolio companies rather than offering an external retail investment fund. In November 2017 JC&C built a 10% Vinamilk position for approximately USD1.15 billion through market purchases and successful participation in SCIC's auction. The retained event isolates the 3.33% SCIC block, which Vietnamese government reporting says generated VND8.99 trillion of proceeds. | $21 | -- | $8.3B | $22B | 1.0x | 5.1x | ||
| Olam Group Ltd is a food and agri-business supplying customers with food ingredients, feed, and fibre. The company and its subsidiaries operate in the following business segments: Olam Food Ingredients, Olam Global Agri, and the Remaining Olam Group. It generates maximum revenue from the Olam Global Agri segment, which is engaged in the origination, processing, trading, logistics, and distribution of grains, animal feed and protein, edible oil, rice, cotton, rubber, and wood products. It also provides commodity financial services. Geographically, the company derives majority of its revenue from Asia, the Middle East, and Australia, and the rest from Africa, Europe, and the Americas. | $1 | -2% | $2.8B | $9.8B | 0.4x | 6.3x | ||
| Halcyon Agri is a Singapore-headquartered natural-rubber supply-chain company founded in 2010 and listed on the Singapore Exchange. It operates plantations, processing factories, distribution businesses and trading networks across major rubber-producing and consuming markets. The group processes and markets technically specified rubber, latex and specialty products used by tire makers and other industrial customers. Its African footprint has included plantations and processing operations in Cameroon and Côte d’Ivoire, linking the company directly to CADFund’s continental mandate. Revenue comes from selling and distributing natural rubber and related products rather than from financial services. In 2016 Sinochem International became the controlling shareholder and transferred a negotiated 10.2% strategic block to China–Africa Development Fund. The company later underwent further ownership changes but continued operating as an integrated global rubber platform. | $0 | -- | $511M | $1.8B | 0.6x | 1096.4x | ||
| Accrelist Ltd is focused on the distribution of electronics components, plastic injection molding, mold design, and fabrication services. The company's segment comprises a Mechanical business unit (MBU), Aesthetic Medical Services (AMS), and others. Accrelist is focused on maintaining a diversified customer mix and product portfolio for MBU and EBU while continuing to expand upon the medical aesthetic products and services provided to consumers. it generates a vast majority of revenue from the MBU segment. | $0 | +440% | $43M | $45M | 3.7x | 163.2x | ||
| Noble Group is a commodities supply-chain company that originated, transported, processed, and traded energy products, metals, minerals, and agricultural commodities. The historical listed group connected producers and industrial consumers through logistics, marketing, risk management, and working-capital services. The company serves customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its economics are driven by product sales and services, while its competitive position depends on sector expertise, asset quality, customer relationships, and disciplined capital allocation. The company is classified in Wholesale Distribution and Logistics because those categories best represent its principal activity at the transaction date. This profile is intended to identify the legal or operating business involved in the deal, including a historical name where the company was later renamed, merged, privatized, or reorganized. | -- | -- | $33M | $3B | 0.5x | (0.8x) | ||
| Median | $1 | +219% | $511M | $3B | 0.6x | 6.3x |
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