Rabobank International Singapore Branch and PT Rothschild Indonesia acted as joint advisors/arrangers to TPS Group for this transaction.
Started as a family business, TPS Group, the majority shareholders of TPSF, was founded in 1959 in Central Java. TPSF was registered as a public company at the Indonesia Stock Exchange in 2003. TPSF is a food and food-related businesses company which has three business lines, namely food manufacturing (TPS Food), rice processing and distribution (TPS Rice), and palm oil and plantation businesses (TPS Agro).
In the food manufacturing sector, TPSF has 5 factories located in Central Java, Tangerang and Bogor. The last 2 acquisitions were Taro Snack from Unilever in 2011, and PT Subafood Pangan Jaya in 2012 with its well-known corn vermicelli brands of Tanam Jagung and Pilihan Bunda.
TPSF entered into the rice industry in 2010 through the acquisition of 2 rice mills with its heritage brand Ayam Jago, and several well-known brands such as Desa Cianjur, Istana Bangkok, and Rumah Adat. TPSF also entered the palm oil and plantation business in 2008. Bungee became TPSF’s partner in 2011, and it has several plantations in Kalimantan and Sumatra islands.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $78.3 billion in assets under management as of March 31, 2013. With offices around the world, including seven in Asia Pacific, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.