Private equity major CVC is reportedly in talks to sell its stake in Indonesian snack food business GarudaFood Putri Putri Jaya in a deal which could value the company at up to $1.5bn.
Talks are at an early stage according to a source cited by Reuters, while another source reportedly told the news outely that the 20% stake sale could fetch as much as $300m.
CVC bought into GarudaFood five years ago, investing about $150m just ahead of the company’s IPO on the Jakarta Stock Exchange.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The company is one of the largest food and beverage businesses in Indonesia, producing and marketing items including biscuits, nuts, pilus, chips, confectionery, milk drinks, cocoa powder, cheese and mayonnaise
Other previous Indonesian investments from CVC include Siloam International Hospitals, MAP Aktif Adiperkasa and SOHO Global Health.
Indonesia saw a slew of dedicated private equity and venture capital fundraising activity at the end of last year, including Northstar Capital’s $590m fifth fund.
AC Ventures more than its doubled AUM with a $205m Fund III, while VC firm Alpha JWC more than tripled its AUM with a $433m Fund III close.
Source: Alt Assets
Can’t stop reading? Read more
Clearlake Capital strengthens executive bench as it scales global investment platform
Clearlake Capital strengthens executive bench as it scales global investment platform Clearlake...
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy Croatian private equity...
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion Alter Capital Desarrollo...