Indonesian agri-food and poultry manufacturing business group Japfa has entered into an agreement to sell 80% of South-east Asia branded dairy business Greenfields to affiliates of investment firms TPG and Northstar Group for 236 million, according to reports in Food Business Africa and Straits Times.
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 cheese under the Greenfileds brand. The Singapore-based company also exports to other Asian countries such as Malaysia, Brunei and Myanmar.
Japfa will maintain a 20% stake in the business and said it was committed to supporting the new investors. TPG is a global investment company from the United States, while Northstar a Singapore headquartered private equity firm.
Japfa CEO Tan Yong Nang commented: “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 / Straits Times