Austin, Minnesota-based Hormel Foods Corp. has acquired a minority stake in PT Garudafood Putra Putri Jaya Tbk, a food and beverage company in Indonesia.
“This strategic investment enhances our partnership with Garudafood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia,” said Jim Snee, chairman of the board, president and CEO at Hormel Foods.
“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.”
Garudafood’s branded portfolio includes many snacking products, such as Garuda peanut snacks, Gery biscuits and confectionary products and Chocolatos wafer sticks.
“We are very excited to continue expanding and strengthening our partnership with Hormel Foods to grow Garudafood’s business together in Indonesia,” said Hardianto Atmadja, president director of PT Garudafood Putra Putri Jaya Tbk.
“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.”
Hormel Foods purchased about 29 percent of the shares of Garudafood from CVC and other shareholders. The transaction closed during Indonesia Stock Exchange trading hours on Dec. 15.
“This has been a successful partnership between the Soenjoto family, the strong management team at Garudafood and CVC,” said Andy Purwohardono, partner at CVC, which sold a portion of the shares acquired by Hormel Foods.
“I would like to congratulate the leadership team for building resilience and growing the business profitably during the pandemic, as well as continuing its track record of launching new innovative products. Hormel Foods is the perfect partner for Garudafood, and I wish them a great success for the future.”
For more information, visit hormelfoods.com.
