Hormel Foods, the renown producer of Spam and Skippy Peanut Butter, has acquired approximately 29% stake in GarudaFood from CVC and its other shareholders.
PT Garudafood Putra Putri Jaya Tbk is one of the largest food and beverage companies in Indonesia. According to Jim Snee, CEO of Hormel Foods, “This strategic investment enhances our partnership with GarudaFood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia. 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 branded portfolio includes many leading snack products under the brands of Garuda, Gery and Chocolatos.
GarudaFood aims to to benefit from the potential synergies with Hormel, which has more than 130 years of food manufacturing history, while GarudaFood has strong domestic presence and market knowledge.