Shareholders of PT Tiga Pilar Sejahtera Food Tbk (TPSF) announced that they have signed a definitive agreement with KKR (Kohlberg Kravis Roberts). Leading global investment firm, KRR will manage more than US$78 billion worth of TPSF assets. Under the terms of agreement, the controlling shareholders will sell 9.5 % worth of stakes in TPSF to funds as advised by KKR Asset Management LLC.
"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," said Joko Mogoginta, CEO of Tiga Pilar Sejahtera (TPS) Group.
TPSF is owned and operated by the TPS Group. The company was founded over 50 years ago inn Central Java. TPSF is one of the major players in the food business in Indonesia. Its products include Indonesian brands like Taro Snack, Ayam Dua Telor, Mie Kremezz, Tanam Jagung, Superior, Ayam Jago Rice and Gulas Candy. TPSF holds a joint venture with its subsidiaries engaged in palm oil plantation businesses with the Bunge Agribusiness.
Ridha Wirakusumah, Director, KKR Asia commented, "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."
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