Indonesia-focused PE Falcon House said to seek exit from Haldin Pacific Semesta

Central Park, Jakarta, Indonesia. Photo by Severinus Dewantara on Unsplash

Indonesia-focused private equity (PE) firm Falcon House Partners is looking to exit from food ingredients manufacturer Haldin Pacific Semesta, three sources familiar with the matter, told DEALSTREETASIA.

It is understood that the PE firm is working with Rippledot Capital as its sell-side advisor.

Falcon House Partners is known to own a significant minority stake in Haldin Pacific Semesta, in which it invested in 2013.

The PE firm is expected to have invested $10-20 million in lieu of  equity in the first phase, while it later infused an ‘undisclosed amount of capital’ in the company in the form of debt. Based on this investment valuation, the selling price of Haldin’s share is possibly two times the book value, said the first source.

When contacted, Falcon House Partners spokesperson declined to comment on its portfolio investment, while separate emails sent to Haldin and Rippledot Capital did not elicit any response.

Having started its business as the importer of Indonesian vanilla to the US in 1987, Haldin Pacific Semesta, now, provides a plethora of ingredients to diverse sectors dealing with food and beverages, flavor and fragrance, health food, pharmaceutical, and cosmetics.

The company’s eight key groups are tea and coffee; functional ingredients; cosmetic and care ingredients; essential oil; vanilla and cocoa; natural sweetener; seasoning ingredient; as well as fruit and vegetables.

According to the second source privy to the development, a few companies from Japan have already evinced interest in acquiring a stake in Haldin Pacific Semesta over the past few years.

However, the company, on its part, needs to find a suitable partner for its shareholder Alisjahbana Haliman, who intends to keep a significant minority stake after the proposed transaction, said one of the sources mentioned above. “The internal preparation is still conducted by these shareholders and its advisor, so the official stake sale process has not launched,” the third source added.

Currently, Haldin, that serves its customers in over 53 countries, operates five manufacturing sites in Indonesia, with the largest facility having over 20,000 tons of annual capacity.

Falcon House Partners recently made headlines when it sold a majority stake in Indonesia’s Chinese restaurant chain Ta Wan, as previously reported by DEALSTREETASIA. The PE firm also has investments in Indonesia’s hospitality chain Ismaya Group and the pastry shop chain The Harvest.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.