Private-equity giant KKR has snapped up just under 10% of Indonesian food group Tiga Pilar Sejahtera Food.
KKR has bought 9.5% of noodle and rice firm TPSF for an undisclosed sum, the two sides announced today (22 July).
Indonesia-listed TPSF is majority-owned by the broader TPS Group. TPSF owns a range of food brands including Xprezzo instant noodles, Ayam Jago rice and Gulas Candy confectionery. The company also has a palm oil venture with Bunge.
Ridha Wirakusumah, director of KKR Asia, said the fund had been looking to invest in a consumer goods company in Indonesia’s “large and attractive growth market”.
“Indonesia’s economic trajectory places it on pace to become a top-10 economy by 2030 and its consumer economy could become the third largest by 2050, trailing only China and India,” Wirakusumah said. “We recognise that this is a great company with ambitions to grow, and we are pleased to partner with a skilled management team to help fuel that growth in an important market.”
TPS Group CEO Joko Mogoginta said KKR had the experience to help grow its food arm. “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,” Mogoginta said.