New York-based investment firm Kohlberg Kravis Roberts (KKR) has taken a minority stake in an Indonesian food maker.

KKR has agreed to buy 9.5 per cent of PT Tiga Pilar Sejahtera Food Tbk (TPSF) for an undisclosed amount.

TPSF is controlled by TPS Group which was founded over five decades ago in Central Java. The company is a major player in the food business in Indonesia; its products include well-known Indonesian brands Taro Snack, Mie Kremezz, Ayam Dua Telor, Superior, Tanam Jagung, Gulas Candy, and Ayam Jago Rice.

“Indonesia’s economic trajectory places it on pace to become a top-10 economy by 2030 and its consumer economy could become the third largest by 2050, trailing only China and India,” said KKR Asia director Ridha Wirakusumah.

“This is a large and attractive growth market, and we have been looking to back a consumer-related company like TPSF for quite some time.”

When the transaction closes in August, KKR will be TPSF’s second largest shareholder after TPS.

Rabobank International Singapore Branch and PT Rothschild Indonesia acted as joint advisors to TPS Group for this transaction.