EQT’s Mid Market Asia III fund has invested in Indesso Group, a manufacturer of natural flavour and fragrance ingredients.
Headquartered in Jakarta, Indonesia, Indesso supplies more than 2,000 customers in the global flavours and fragrances industry with natural ingredients. The company also supplies flavour and fragrance products and food ingredients on behalf of its global principals to the local consumer goods industry in Indonesia.
The founding Gunawan family will retain a majority stake in the company and remains as management following the transaction.
EQT has experience in developing assets in the ingredients sector and recently acquired Chr. Hansen Natural Colors.
EQT Private Equity plans to draw on this experience to support Indesso in accelerating product innovation and enhancing its raw material sourcing capabilities.
In addition, EQT Private Equity plans to invest in the company’s digital infrastructure and sustainability, and support Indesso’s inorganic growth plans.
Brian Chang, partner and investment advisor, head of Southeast Asia at EQT Partners, said “Indesso started on its journey more than 50 years ago, bringing natural ingredients to the world. We are truly humbled by the opportunity to invest in a market leader in this highly thematic space as it prepares for the next phase of its journey to expand further.”
Commenting on the partnership with EQT, Indesso Group CEO Robby Gunawan said: “This will accelerate our corporate mission of creating innovative solutions with ‘sustainable natural based ingredients for life’.
“In the last ten years, we have enjoyed robust growth in our business built upon solid relationships with current business and supply partners, principals and customers, something that we want to continue and further strengthen.
“EQT’s expertise and experience in our business space will support us in realising new opportunities to provide better and innovative solutions for our customers.”
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