Concordant Investments Pte Ltd, an affiliate of Affinity Equity Partners, has divested its 17.14% stake in Indonesian-listed herbal medicine and food company PT Sido Muncul Herbal Medicine and Pharmaceutical Industry Tbk (SIDO), as disclosed on Friday.
Concordant Investments sold all its 5.14 billion shares in SIDO at 719 rupiah apiece, amounting to 3.7 trillion rupiah ($233.2 million), according to the disclosure.
PT Hotel Candi Baru, SIDO’s controlling shareholder, acquired those shares at 719 rupiah apiece. Prior to the transaction, Hotel Candi Baru held 18.13 billion SIDO shares, amounting to a 60.46% stake. Post-transaction, its ownership has increased to 23.27 billion shares, or 77.59%.
“PT Hotel Candi Baru, as the majority shareholder of SIDO, is confident that SIDO’s performance growth will continue to improve this year and in the years to come,” said the president director of Hotel Candi Baru, David Hidayat, in an information disclosure.
Founded in 1951, Sido Muncul is Indonesia’s largest herbal medicine company, boasting a diverse portfolio of over 300 products, including its flagship brand Tolak Angin.
With a workforce of over 4,000 employees and 109 distribution points nationwide, the company has established a strong presence in the country. In the financial year ended December 31, 2023, the firm reported a profit of 950.65 billion rupiah ($60 million), down about 13% from the previous year.
A number of PE giants have been making notable deals in Indonesian food and beverage as well as FMCG companies over the past year. In February, DealStreetAsia reported that KKR & Co is weighing an exit from its nearly six-year-old investment in Indonesia-listed bread maker PT Nippon Indosari Corpindo Tbk, which owns the popular Sari Roti brand.
In September last year, Growtheum Capital Partners (GCP), the Singapore-based private equity firm that raised $567 million for its debut fund, announced its investment in KIN Dairy, an Indonesian manufacturer of dairy products.
Asia-focus Affinity Equity Partners is one of the most prominent private equity firms in the region. It has $14 billion of assets under management and 58 investments in 11 countries, according to its website.
In February, Affinity was set to initiate a bidding process in April for the sale of Island Hospital, one of Malaysia’s leading healthcare providers
