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Cimory looks to expand with $130M investment from US firm
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Dairy and consumer foods company Cisarua Mountain Dairy (Cimory) owns a milk processing plant in Puncak, Bogor regency, West Java, since 2004. (Cimory/PR Team)
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ndonesian dairy and consumer foods company Cimory has received an investment worth US$130 million from United States-based private equity firm General Atlantic.
Cimory says it aims to use the funds for product development, digital marketing and expanding its distribution networks, among other purposes. The investment gives General Atlantic a 5.64 percent stake in the Indonesian company.
“With exciting economic growth being driven out of Indonesia and Southeast Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers,” Sandeep Naik, managing director and head of India and Southeast Asia at General Atlantic, said in a statement on Tuesday.
The average protein consumption per capita in Indonesia exceeded 62 grams a day over the last five years, up significantly from around 54 grams a day over the previous five years, Statistic Indonesia data show.
The increased consumption of protein, which can be obtained from dairy products, is in line with the country’s economic growth, according to several research papers.
“General Atlantic’s deep sector and regional expertise, combined with the firm’s dedicated company-building capabilities, will help provide Cimory with an even greater opportunity to expand our business,” Cimory CEO Farell Sutantio said in the same statement on Tuesday.
Government officials have expressed the need for Indonesia to increase milk production to meet domestic demand without relying on imports.
