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EQT looks to leverage food and flavour sector expertise with buyout of Indonesia’s Indesso

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EQT has tapped its $800m mid-market Asia fund to back Indonesia-based natural ingredients business Indesso.

The 53-year-old company’s products are used as flavour ingredients in food and beverage products, as well as aromatherapy and fragrances in consumer products and nutraceuticals.

EQT has been investing in the food and flavourings sector since at least 2002, when it bought Haarmann and Reimer.

Last September it agreed to buy the Natural Colors colouring ingredients Division of Chr Hansen in an €800m deal, and the firm also picked up food ingredient and chemicals business Azelis from Apax Partners in 2018.

EQT Partners head of southeast Asia Brian Chang said, “Indesso started on its journey more than 50 years ago, bringing natural ingredients to the world.

“We are truly humbled by the opportunity to invest in a market leader in this highly thematic space as it prepares for the next phase of its journey to expand further.”

EQT beat its target for its debut mid-market private equity fund in 2014 by holding a €1.1bn final close.

The vehicle targeted mid-market buyouts and growth equity investments in Northern Europe, Greater China and South East Asia.

It raised $800m for a hard cap close of EQT Mid Market Asia III in 2018.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eqt-looks-to-leverage-food-and-flavour-sector-expertise-with-buyout-of-indonesias-indesso.html

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