Trade Resources Company News Indonesia-Based Food Firm TPSF Enter Into an Agreement with Private Equity Firm KKR

Indonesia-Based Food Firm TPSF Enter Into an Agreement with Private Equity Firm KKR

Tags: Food Firm, Food

Indonesia-based food firm PT Tiga Pilar Sejahtera Food (TPSF) has entered into an agreement with private equity firm KKR to sell approximately 9.5 % stake in the company to certain funds advised by KKR Asset Management for an undisclosed amount.

TPSF is controlled by TPS Group and is a major player in the food business in Indonesia. The company's brands include Taro Snack, Mie Kremezz, Ayam Dua Telor, Superior, Tanam Jagung, Gulas Candy, and Ayam Jago Rice.

The company also has a joint venture in its subsidiaries engaging in the palm oil plantation business with Bunge Agribusiness, a leading player in agriculture commodities.

TPS CEO Joko Mogoginta said: "With a strong, long-term partner in KKR, we have a shareholder who not only has deep expertise in the food and retail industry but a partner who shares our vision and will be able to help us grow TPSF as a leading company in foods and food-related businesses."

The transaction is expected to be completed in August, following which KKR will be the Company's second largest shareholder after TPS.

Rabobank International Singapore branch and PT Rothschild Indonesia acted as joint advisers to TPS Group for this transaction.

 

Source: http://www.food-business-review.com/news/indonesias-food-firm-tpsf-to-divest-95-stake-220713
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Indonesia's Food Firm TPSF to Divest 9.5% Stake