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August 22, 2022

CVC ‘in talks to sell stake in Indonesia’s GarudaFood’

The private-equity firm is reportedly in discussions to offload its shares in the Garuda and Gery brands owner.

By Dean Best

Private-equity firm CVC Capital Partners is reportedly weighing up the sale of its 20% stake in GarudaFood Putra Putri Jaya, the Indonesia-based manufacturer.

According to Reuters, citing unnamed sources, CVC has hired advisers to look at offloading shares it bought four years ago.

Just Food has approached CVC for comment.

GarudaFood markets products across savoury snacks, confectionery, biscuits and dairy. Its brands include Garuda, Gery and Chocolatos. The group, which owns five factories, exports to more than 20 countries and says its focus is on the ASEAN region, China and India.

The company’s origins date back to 1994 but it was listed in 2018. It owns 49% of Hormel GarudaFood Jaya, a venture with US manufacturer Hormel Foods, through which it sells products like Skippy nut butter. The group also holds a 66% stake in Mulia Boga Raya, an Indonesia dairy processor.

In 2021, GarudaFood’s sales rose 14% to IDR8.8trn (US$590m). Its export sales were up 7.1% to IDR390.7m. Net profit more than doubled to IDR493bn.

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