Carlyle, Suntory tipped to buy stake in GarudaFood
Carlyle Group, in partnership with Japanese brewer Suntory, is closing in on a 30% stake in Indonesia’s GarudaFood thought to be worth over $200 million, Reuters reported.
GarudaFood, which products instant food, peanuts and other snacks, is expected to launch an initial public offering within two years. The 30% stake is currently owned by Tudung Group, an investment holding firm controlled by the family Darmo Putro, founder of GarudaFood. It was put up for sale late last year, with 3i Group and Unitas Capital interested, but only the Carlyle-Suntory partnership made it to the final bidding, according to sources close to the deal.
Should Carlyle's bid be successful it would be the private equity giant's first direct investment in Indonesia. The country is becoming increasingly popular among investors as intense competition and elevated prices in China and India force buyout firms to look for opportunities in Southeast Asia's fast-growing markets.
Carlyle is also said to be considering an investment in the hypermarket unit of Matahari Putra Prima, Indonesia's biggest retailer by market value.
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