Indonesia’s major dairy products and RTE meals producer, Cimory has received a US$130 million investment from US-based General Atlantic.
The New York-headquartered investment firm has bought a 5.64% stake in Cimory, also known as PT Cisarua Mountain Dairy.
General Atlantic said it is supporting Cimory’ growth strategy which includes expanding its distribution network, product development and digital marketing initiatives.
Established in 1992, Cimory has grown into one of the largest manufacturers of dairy products and ready-to-eat (RTE) meals in Indonesia, tapping into the growth in consumption of protein in Indonesia.
Farell Sutantio, CEO of Cimory said, “We are proud to have grown Cimory into a household name and one of the most trusted brands in Indonesia. As we look ahead to our next phase of growth, we are excited to welcome General Atlantic as our strategic partner.”
Sandeep Naik, Managing Director and Head of India and Southeast Asia at General Atlantic said, “We believe Cimory has developed a differentiated brand and product portfolio that is uniquely suited to the evolving needs of the local consumer. With exciting economic growth being driven out of Indonesia and Southeast Asia, Cimory has an opportunity to further scale its product portfolio and reach new consumers.”