Cimory’s focus on innovation, inclusion, and strategic expansion has attracted the attention of General Atlantic to support its growth by acquiring a 5.64% stake in the company.
Heaptalk, Jakarta — Indonesian premium dairy and food product company, PT Cisarua Mountain Dairy (Cimory), obtained a fresh strategic investment from a global equity firm, General Atlantic, worth $130 million or equivalent to 5.64% shareholding in the company.
This partnership is expected to accelerate strategic business growth, including the development and innovation of new products, distribution network expansion, and digital marketing.
Managing Director and Head of India and Southeast Asia at General Atlantic Sandeep Naik expressed his confidence in Cimory being able to develop a portfolio of innovative products according to the growing needs of local consumers. “With dynamic economic growth, Cimory has the opportunity to expand its product portfolio and reach new consumers,” said Sandeep.
Further, according to Sandeep, Cimory’s focus on innovation, inclusion, and strategic expansion has attracted the attention of General Atlantic to support its growth. He added, “We aim to bring General Atlantic’s decades of experience to support business growth in Cimory.”
Along with the strong economic growth in Indonesia, the consumption of proteins spanning milk, eggs, and meat also increases. CEO of Cimory Farell Sutantio said that the company is transforming into a company that focuses on digital marketing to create strong trends among young consumers in Indonesia.
Farell said, “We are proud that Cimory has grown to become one of the well-known and trusted brands in Indonesia. For the next phase of growth, we welcome General Atlantic as our strategic partner.” With General Atlantic’s in-depth knowledge and experience as well as its capability to help the company’s business grow, Farell is optimistic that Cimory will have the opportunity to grow even bigger.
Fastest-growing producer of yogurt and milk
Founded in 1992 by Bambang Sutantio, Cimory has grown to become one of the leading producers and distributors of dairy and food products in Indonesia, by prioritizing innovation, quality, and social impact on society. Cimory’s products are categorized as products with high growth, including yogurt, milk, and premium consumer food products.
Regarding product innovation, Cimory developed as the fastest-growing yogurt and milk producer in Indonesia in 2006 and consistently launches various innovative new products for all consumers. Some of its well-known products are fresh milk and Cimory yogurt, including yogurt drink, yogurt cup, and Cimory squeeze.
The company also pays attention to the inclusion and ESG aspects in building its distribution network including an exclusive direct-to-customer distribution channel, Miss Cimory, which consists of around 4,000 female agents that reach more than 200,000 households every week. To support the regional economy, the company selects a daily supply of dairy products from more than 10,000 small dairy farmers.
On December 6, 2021, Cimory was officially listed on the Indonesia Stock Exchange (IDX) with the stock code CMRY. In the initial public offering corporate action, Cimory succeeded in obtaining IPO funds of Rp3.66 trillion or US$239 million (US$1 equals Rp15,308).
