PT Tiga Pilar Sejahtera Food Tbk and its controlling shareholders signed a definitive agreement with KKR. Under the agreement, the controlling shareholders are to sell approximately 9.5% stake in the company to business units under KKR Asset Management LLC. KKR is a global investment group with at least US$78 billion in assets under management. The financial details of the transaction, however, were not disclosed.
"With a strong, long-term partner in KKR, 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," Tiga Pilar Sejahtera Group CEO, Joko Mogoginta stated.
Tiga Pilar Sejahtera Food is managed by the Tiga Pilar Sejahtera Group which was established over fifty years ago in Central Java. The corporation is a significant player in the Indonesian food sector with a number of well-known brands under its umbrella.
"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. 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. We recognize 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," KKR Asia Director, Ridha Wirakusumah, explained.
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