CVC said to be selling GarudaFood stake, deal could value Indonesian company at up to $1.5bn

Aug 22, 2022 | News

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.

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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

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