General Atlantic's Investment to Boost Cimory's Expansion

PT Cisarua Mountain Dairy Tbk (Cimory) raised US$130 million in new funding from US private equity firm General Atlantic in exchange for a 5.64 percent stake in CMRY stock-coded milk producer. "We are proud that Cimory has grown into one of Indonesia's most recognized and trusted brands. For our next growth phase, we welcome General Atlantic as our strategic partner," Cimory Chief Executive Officer Farell Sutantio said on Tuesday. Cimory plans to partner with General Atlantic to accelerate business growth initiatives, particularly new product development and innovation, distribution network expansion, digital marketing, and pricing.

General Atlantic Managing Director and Head of India & Southeast Asia Sandeep Naik said Cimory had developed an innovative product portfolio in line with evolving consumer needs. With dynamic economic growth, he believes Cimory has the opportunity to expand its product portfolio and reach new consumers. "Farell and the Cimory team are very focused on innovation, inclusion, and strategic expansion. We aim to bring General Atlantic's decades of experience to support business growth at Cimory," Sandeep said.