Indonesia-based Kin Dairy has secured investment from private-equity house Growtheum Capital.
Kin Dairy manufactures and distributes a range of dairy products, including A2 fresh milk and drinking yogurts, under its Kin brand.
The company has a dairy farm in West Java where it rears more than 3,000 cows.
Financial terms were not disclosed. Growtheum Capital joins Japan’s Mitsui & Co. as a backer of the dairy business.
“This partnership combines our sector expertise with the experience of the Choo Family, shareholders of the ABC group with a long and proven legacy of building trusted consumer brands, and the global reach of Mitsui, an experienced trading powerhouse,” Growtheum Capital managing partner Amit Kunal said. “We aim to work together to realise Kin’s mission of increasing accessibility of quality nutritious dairy products to consumers across Indonesia.”
Kin Dairy is not the first dairy business in South East Asia in the private-equity firm’s portfolio. In April, Growtheum Capital announced a “partnership” with Vietnam-based International Dairy Products, another manufacturer of fresh milk and drinking yogurt.
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Warren Choo, Kin Dairy’s president, said: “Growtheum’s industry knowledge, expansive network and track record of collaborating with management teams in growing and building consumer companies in the South East Asia region are appealing to our company.
“We look forward to working closely with them to accelerate business growth in line with our company’s vision to deliver first, differentiated and unique dairy products to the Indonesian consumers.”
Mitsui invested in Kin Dairy, formally known as P.T. ABC Kogen Dairy, in 2015.
Details on the sizes of the stakes Kin Dairy’s shareholders own in the business have not been fully disclosed.
“The company has a strong platform to aspire for market leadership in the dairy sector in Indonesia,” Yoshinori Takano, general manager at Mitsui & Co. (Asia Pacific), said.