Suntory to set up JV with Carlyle target GarudaFood

Japanese consumer companies are keen to expand overseas to offset stagnation in their domestic market and fast-growing Indonesia is attracting a lot of attention.

Meanwhile, there is uncertainty about the status of negotiations between Carlyle and GarudaFood, which were said to be close to completion a month ago. One source familiar with the Indonesian market told AVCJ that he is uncertain whether the transaction will go through given the high valuation of the deal.

GarudaFood is owned by Tudung Group, an investment holding firm controlled by the family of Darmo Putro, the company's founder. The 25% stake, though to be worth $200 million, was put up for sale last year. 3i Group, Unitas Capital, Carlyle and Suntory are said to have expressed an interest in buying it, and the latter two made it to the final round of bidding.

Should the deal be completed, it would be Carlyle's first direct investment in Indonesia.

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

• Topics
• Southeast Asia
• Consumer
• The Carlyle Group
• 3i Asia Pacific
• Unitas Capital