JAKARTA, Indonesia and SINGAPORE, Nov. 16, 2016 /PRNewswire/ -- PT Mitra Adiperkasa Tbk (MAP), the leading lifestyle retailer in Indonesia, announced today that General Atlantic, a leading global growth equity firm, has subscribed for Rp1.08 trillion in zero-coupon bonds issued by MAP, which are convertible into shares in its food & beverage subsidiary, PT MAP Boga Adiperkasa (MBA).
MBA is a leading, fast-growing food & beverage retailer operating five exclusive brands in Indonesia: Starbucks, Pizza Express, Krispy Kreme, Cold Stone Creamery, and GODIVA. MBA has over 300 stores across 24 cities, more than doubling its store count over the last five years. The food & beverage operator is a subsidiary of MAP, the largest operator of multi-channel retail concepts in Indonesia across a diversified portfolio of department stores, sportswear, specialty fashion, food & beverage, and lifestyle products. MAP operates close to 2,000 retail stores for brands such as Zara, Marks & Spencer, SEIBU, and Reebok. "In the last five years, we have made significant progress building our food & beverage business. We are excited to continue serving our customers and remain dedicated to building successful brands in Indonesia. We believe the rapid rise in Indonesia's middle and young working classes, the increase in this population's disposable income, and the continued rural-to-urban migration represents an opportunity for us to strengthen our widely-recognised international food brands and cement our leadership position in the food & beverage market through our brands," said V.P. Sharma, Chief Executive Officer of MAP. A portion of the proceeds will be used to accelerate the food & beverage division's network expansion.