KKR seals debut Indonesia deal

TPSF is controlled by TPS Group, which was set up as a family-owned business in Central Java five decades ago. TPSF went public on the Indonesia Stock Exchange in 2003. It is involved in food manufacturing, rice processing and distribution and palm oil and plantations. 

The company's portfolio includes a number of well-known Indonesian brands, including Taro Snack, Mie Kremezz, Ayam Dua Telor, Superior, Tanam Jagung, Gulas Candy, and Ayam Jago Rice. Taro Snack was acquired from Unilever in 2011. Last year, TPSF bought Subafood Pangan Jaya, a corn vermicelli producer.

TPSF entered the rice industry in 2010 and the palm oil and plantation industry two years before that. Its palm oil assets include a joint venture with Bunge Agribusiness, a global player in agriculture commodities.

"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," said Ridha Wirakusumah, a director at KKR. "This is a large and attractive growth market, and we have been looking to back a consumer-related company like TPSF for quite some time."

KKR recently announced a final close of $6 billion on its second pan-Asian fund. Last year the firm opened an office in Singapore - its seventh in the region - in order to target Southeast Asia more effectively.

The TPSF transaction is expected to close in August. Rabobank International and Rothschild Indonesia acted as joint advisors TPS Group.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• PIPEs
• Consumer
• KKR
• Indonesia
• Southeast Asia
• Consumer
• PIPE