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KKR to buy 9.5% stake in Indonesian retailer PT Tiga Pilar Sejahtera Food

RBR Staff Writer Published 23 July 2013

KKR, an American private equity firm, has inked a definitive agreement to acquire 9.5%stake in Indonesian food retailer Tiga Pilar Sejahtera Group (TPS) subsidiary PT Tiga Pilar Sejahtera Food (TPSF).

Upon closing of the transaction, which is expected to occur in August, KKR will be the company's second largest shareholder after TPS.

TPSF's product portfolio includes Indonesian brands such as Taro Snack, Mie Kremezz, Ayam Dua Telor, Superior, Tanam Jagung, Gulas Candy and Ayam Jago Rice.

KKR Asia director Ridha Wirakusumah said: "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."

TPS CEO Joko Mogoginta noted: "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."