Kuala Lumpur-headquartered private equity firm Creador on Thursday announced the acquisition of a 40% stake in Indonesian consumer foods brand PT Adilmart from its Bursa Malaysia-listed parent company CCK Consolidated Berhad (CCK).
Commenting on the investment, Creador’s Country Head of Malaysia and Executive Director Livia Chan said: “Our focus will be on expanding its [Adilmart’s] production capacity and accelerating its distribution coverage across new regions in Indonesia.” PT Adilmart has seen its profit grow at 50% CAGR over the last 5 years, she added.
CCK managing director John Tiong said the company will “leverage Creador’s experience in the consumer sector” and its “distribution network in Indonesia to accelerate its growth strategy.” The company is expected to commission its third facility soon to meet growing market demand.
Founded in 1996, CCK operates 73 stores in East Malaysia, offering a wide variety of fresh and frozen foods, leveraging its fully integrated poultry supply chains. CCK ventured into the Indonesian frozen food business in its early years and established a strong brand presence in Kalimantan and Central Java.
The Adilmart deal marks Creador’s 55th investment to date. Since 2011, Creador has invested in four unicorns in Indonesia, namely Mr. DIY Indonesia, Cimory, BFI, and Hermina. Most recently, it invested $50 million in Hinduja Tech, a mobility-focused global engineering R&D services company in India. It has also invested 4 billion Philippine pesos ($71.3 million) in Asialink Finance Corporation, a lender to small and medium enterprises (SMEs).
As reported by DealStreetAsia in May, Creador was expected to reach the first close of its sixth fund in early July. The fund, which was launched with a target to raise $750-800 million, is expected to amass about $700 million for the first close.
The predecessor fund, Creador V, closed at $700 million in December 2022. Creador IV, which had a size of $580 million, was launched in 2019. The firm’s first three vehicles were closed at $130 million, $331 million, and $419 million, respectively.
