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Buyout firms vying for Indonesia’s top European bakery

(Source: harvestcakes/Instagram)

Affirma Capital and Bain Capital are among regional buyout firms that have submitted bids for Falcon House Partners’ controlling stake in Mount Scopus, which owns Indonesia’s biggest European-style bakery chain The Harvest, two sources told Reuters.

Suitors have submitted second-round bids that value food and beverage company PT Mount Scopus Indonesia at between US$200 million and $250 million, said the sources who declined to be named as the matter is confidential.

They said a deal could be wrapped up as early as the end of this year, while due diligence is also currently underway.

Falcon House and The Harvest did not respond to requests seeking immediate comment on Tuesday. Affirma and Bain declined to comment to Reuters.

The sale process comes at a time when Indonesia has seen a rebound in consumer spending following the easing of coronavirus restrictions, which helped Southeast Asia’s largest economy to grow at its fastest pace in a year in the second quarter.

Falcon House is a Southeast Asian-focused private equity fund headquartered in Singapore. Reuters reported in August that the buyout firm was in talks with a financial adviser to explore the sale of Mount Scopus.

Falcon House invested in the bakery The Harvest for an undisclosed sum in 2017, according to CB Insights data. The Harvest’s founder Lal De Silva owns a minority stake.

Established in 2004, Mount Scopus’ The Harvest has more than 90 stores in Indonesia, including in the capital Jakarta and on the holiday island of Bali, its website shows.

The Harvest makes and sells a range of pastries ranging from croissants to local traditional Lapis cake.

  • Reporting by Anshuman Daga and Yantoultra Ngui; Editing by Ana Nicolaci da Costa, of Reuters.

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