Indonesia’s bakery giant PT Nippon Indosari Corpindo Tbk, widely known for its Sari Roti brand, has announced that Leafgreen Capital, together with Gateway Partners Group, has completed the acquisition of a 22.2% stake held by KKR affiliate Demeter Indo Investment Pte Ltd in the company.
The announcement confirms DealStreetAsia’s report from last August, which valued the transaction at between $140 million and $150 million and noted the possibility of an associated debt component.
The transaction marks an exit for KKR, which first acquired a 12.64% stake worth $74 million in the company in 2017. Subsequently, it increased its holding to over 22% via its Singapore-based investment vehicle Demeter Indo Investment Pte Ltd.
Welcoming new shareholders Leafgreen and Gateway Partners, Sari Roti founder and CEO Wendy Yap emphasised their deep expertise in the consumer sector.
Jaka Prasetya, Managing Partner at Leafgreen Capital, expressed optimism about Sari Roti’s future, highlighting its solid business foundation and leadership team. Prasetya was directly involved in the original investment and served as a commissioner at Nippon Indosari during his decade-long tenure at KKR.
New investor Gateway Partners Group is a private equity and alternative investment firm concentrating on Southeast Asia, South Asia, the Middle East, and Africa. The firm, based in Singapore and Dubai, focuses on the consumer sector.
The Yap family remains the largest shareholder group, controlling approximately 27% through various entities, while PT Indoritel Makmur International Tbk, affiliated with Indonesia’s Indomaret retail group, holds a 25.8% stake. Other key shareholders include Japanese bread manufacturer Pasco Shikishima Corporation with an 8.5% interest.
Despite its market leadership, Sari Roti has faced headwinds in recent quarters amid softening demand and margin pressures. In Q1 2025, the company reported a 9.6% year-on-year revenue decline to 859.6 billion rupiah, alongside a steep 68.7% drop in net profit to 23.1 billion rupiah. For the full year 2024, the group posted revenues of 3.93 trillion rupiah ($259 million), marking a modest 2.9% increase from 2023. Gross profit also improved 4% year-on-year, reaching 2.15 trillion rupiah ($142 million).
Nippon Indosari’s stock closed at 805 rupiah apiece on 12 September 2025, up about 0.63% from the previous close of 800 rupiah apiece.
