Affinity Equity Partners has successfully exited its 17.1% stake in Sido Muncul to the Hidayat family for USD 233 million, concluding a fruitful 6.5-year partnership aimed at enhancing the company’s market leadership in the Indonesian herbal products sector.

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Affinity Equity Partners ("Affinity"), a prominent Asian private equity firm, has successfully exited its remaining 17.1% stake in PT Industri Jamu dan Farmasi Sido Muncul Tbk ("Sido Muncul") by selling it to the controlling shareholder, the Hidayat family, for a total consideration of USD 233 million on April 5, 2024. This latest transaction follows an earlier block trade of 4.0% completed on April 1, 2022. Over their 6.5-year partnership, Affinity and the Hidayat family have achieved remarkable growth for Sido Muncul.

Founded in 1951, Sido Muncul stands as Indonesia's largest manufacturer and brand owner of herbal products and medicines, boasting an impressive 84% market share in the country's herbal products sector. The company has been publicly traded on the Indonesia Stock Exchange (IDX) since 2013 and employs over 4,000 staff, operating a diverse range of more than 300 products, including its renowned flagship item, Tolak Angin.

Industry Overview in Indonesia

The Indonesian herbal products industry has witnessed robust growth over recent years, supported by an increasing consumer awareness of health and wellness. With a rich tradition of herbal medicine rooted in Indonesian culture