Hormel Foods has acquired a minority stake in Indonesian food and beverage company, Garudafood Putra Putri Jaya Tbk, from CVC Capital Partners and other shareholders.
Garudafood’s branded portfolio includes Garuda peanut snacks, Gery biscuits and Chocolatos wafer sticks.
Hormel purchased approximately 29% of the shares of Garudafood – of which a significant portion came from CVC.
Hormel president and CEO, Jim Snee, said: “This strategic investment enhances our partnership with Garudafood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia. Garudafood is a market leader, with strong and reputable brands, local expertise and a best-in-class distribution network. We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies.”
Hardianto Atmadja, president director of Garudafood, commented: “Hormel Foods has more than 130 years of company history, so there are many things that we can learn from them. We also find that there are similarities in our company cultures and values, which are very important for a long-term partnership. There are some potential synergies and growth opportunities that we have identified, such as combining the strengths and expertise of Hormel Foods with our presence and local market knowledge.”
The transaction closed during Indonesia Stock Exchange trading hours on 15 December 2022.
© FoodBev Media Ltd 2024