Cimory, the Indonesia-based food business, has been backed to the tune of US$130m by US investment firm General Atlantic.
The New York-headquartered firm has bought a 5.64% stake in Cimory, otherwise known as PT Cisarua Mountain Dairy.
General Atlantic said it is supporting Cimory’s growth strategy, which includes expanding its distribution network, product development and digital marketing initiatives.
Founded in 1992, Cimory has grown into one of the largest manufacturers of dairy products and ready-to-eat meals in Indonesia, tapping into the growth in consumption of protein in the south-east Asian country. It is listed on the Indonesian Stock Exchange.
It owns the Miss Cimory direct-to-consumer distribution channel, comprising 4,000 saleswomen who sell products directly to more than 200,000 households weekly.
Farell Sutantio, CEO of Cimory, said: “We are proud to have grown Cimory into a household name and one of the most trusted brands in Indonesia. As we look ahead to our next phase of growth, we are excited to welcome General Atlantic as our strategic partner.
“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.”
Sandeep Naik, managing director and head of India and south-east Asia at General Atlantic, said: “We believe Cimory has developed a differentiated brand and product portfolio that is uniquely suited to the evolving needs of the local consumer. With exciting economic growth being driven out of Indonesia and south-east Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers.
“Farell and the team are intently focused on innovation, inclusion, and strategic expansion, and we intend to leverage General Atlantic’s decades of experience helping cultivate consumer brands to support the exciting growth initiatives already underway at Cimory.”
