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Announced

25 Aug 2025

Completed

25 Aug 2025

Bel completed the acquisition of a 23% stake in Mulia Boga Raya from CVC for $44m.

Synopsis

Bel, a multinational cheese company, completed the acquisition of a 23% stake in Mulia Boga Raya, an Indonesian dairy company, from CVC, a private equity firm, for $44m.

Principals

target

Mulia Boga Raya

bidder

Bel

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Market Context

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Seller Team (1)

indrasena patmawidjaja

President Director and CEO at MULIA BOGA RAYA

Manager

target

Deal

£ 33 M

Total Value

Bidder Team (4)

cellia cognard

Of counsel at Herbert Smith Freehills Kramer

Lawyer

bidder

Deals

£ 5.59 B

Total Value

stephanie .

Partner at Hiswara Bunjamin & Tandjung

Lawyer

bidder

Deals

£ 157 M

Total Value

cécile béliot

CEO at BEL SA

Manager

bidder

Deal

£ 33 M

Total Value

viska kharisma

Partner at Hiswara Bunjamin & Tandjung

Lawyer

bidder

Deals

£ 4.66 B

Total Value

Vendor Team (1)

rob lucas

CEO at CVC CAPITAL PARTNERS

Investor

vendor

Deals

£ 2.79 B

Total Value

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