Orion Capital Asia has extended a $32m private credit facility to Leafgreen Capital Pt. and Gateway Partners Ltd to fund their acquisition of a 22.2% stake in Indonesian bakery firm Nippon Indosari Corpindo, maker of the Sari Roti brand, according to a report by Bloomberg.
The stake is being purchased from a KKR & Co affiliate for around $125m. The five-year loan highlights the growing use of private debt to finance minority and control stakes across Asia, offering flexibility and speed compared with traditional bank financing.
Nippon Indosari, listed in Indonesia, distributes its bread and cake products through over 100,000 outlets nationwide. KKR originally acquired a 12.64% stake in the company in 2017.
