Indonesia: Japfa to sell 80% of dairy business Greenfields for US$ 236 million

The Indonesian agri-food, poultry manufacturing business group Japfa has entered into an agreement to sell 80% of Greenfields to TPG and Northstar Group for US$ 236 million.

Founded in 1997, Greenfields has over 16,000 Holstein and Jersey cows which produce 43.5 million litres of milk per year. The milk is processed into a range of dairy products including fresh milk, yogurts, UHT milk, and premium cheese. The company exports to Asian countries such as Singapore, Malaysia, Brunei, and Myanmar.

Japfa will maintain a 20% stake in the business and committed to supporting the new investors, TPG a global investment company from the United States, and Northstar a Singapore headquartered private equity firm, in managing the business.

Japfa CEO, tan Yong Nang, commented on the sale: “We are pleased to form this strategic partnership with TPG and Northstar to accelerate the next phase of development in Southeast Asia.”

Source: Food Business Africa.com