• Acquisition of a 22.5% minority stake in Mulia Boga Raya (MBR), Garudafood’s subsidiary and Indonesia’s market leader in cheese.
• Strategic partnership with Garudafood, combining its strong local leadership on the cheese category and distribution capabilities with Bel’s unique range of products and expertise.
• Ambition to develop the snacking and the cooking cheese categories, developing a new modern cuisine mixing Indonesian tradition and heathy cheese ingredients.
• A strategic move for Bel in Asia, with Indonesia offering significant growth potential for cheese category development. Asia being a cornerstone of Bel’s long-term growth.

6 October 2025 – Bel Group announced a strategic partnership with Garudafood, a listed Indonesia-based largest snacks and beverages manufacturer, through the acquisition of a 22.5% minority stake in its subsidiary, Mulia Boga Raya (MBR), the country’s leader in the fast-growing cheese category, best known for its flagship brand, Prochiz. With this transaction, Bel becomes a joint controlling shareholder of MBR, alongside Garudafood which remains the majority shareholder of MBR.

A partnership built on complementary strengths of two leaders

Garudafood, established in 1994, boasts a diverse portfolio of well-known local brands covering a wide range of products including biscuits, snacks (peanut and non-peanut based), milk drinks, chocolate powder, processed cheese, and salad dressings. Garudafood has grown Prochiz brand to be the #1 cheese brand in Indonesia, recognized for both quality and consumer trust. The portfolio covers all key formats and consumption occasions: cheddar blocks widely used in various bakery products and also popular Indonesian cooking such as ‘Martabak’ (Indonesian-style pancake with shredded cheese as one of favorite toppings), sliced cheese, and spreadable cheese. Prochiz combines affordability, versatility and a strong distribution across modern trade, traditional retail, and exports to several Asian markets. Through its Prochiz brand, Garudafood has achieved a remarkable trajectory – overtaking the leadership position within a year after Garudafood acquired MBR from its founders, and today it continues to command above a third of the Cheese Market Share in the Cheese Market.

In Indonesia, Bel has positioned itself as a niche player with a distinctive snacking cheese portfolio, anchored by Bel Cube and The Laughing Cow® portions. These products, recognized globally as safe, high-quality, and nutritious snacks for children, reflect Bel’s unique cheese-making expertise and commitment to healthier snacking. Bel has built a solid foundation of trust and brand recognition, demonstrating its ability to bring global know-how and product excellence into local consumption habits. This strategic positioning now provides a strong platform to accelerate growth in partnership with Garudafood, with 2 very complementing portfolios.

Bel and Garudafood will work together to expand cheese penetration in Indonesia, driving growth in the cheese segment, while developing tailored innovations that respond to evolving consumer tastes. This collaboration brings together Garudafood and MBR’s deep local market knowledge, robust manufacturing base, and extensive route-to-market network with Bel’s portfolio of iconic brands, global category leadership, processed cheese industrial expertise and innovation capabilities. By uniting international expertise with local insights, Bel and Garudafood aim to capture new opportunities and shape the future of cheese in the country.

Indonesia, a high potential from cooking to a new snacking cheese category

The transaction marks an important milestone in Bel’s international expansion and reflects the Group’s ambition to strengthen its presence in high-potential geographies and new snacking opportunities. Indonesia’s population of over 275 million and its rapidly expanding middle class make it one of Asia’s most dynamic food markets.

The cheese category offers substantial headroom for growth, one of the most popular flavors for any packaged snacks (biscuits, chips, crispy snacks, noodles) but still considered by many as only a cooking – baking – topping ingredient. The partnership with Garudafood will allow us to approach the market on two legs: cooking with MBR’s expertise and snacking with Bel’s know-how.

Asia, a cornerstone of Bel’s growth strategy

With its dynamic economies, rising urbanization, and increasing appetite for dairy products, Asia is a strategic priority for Bel. By 2035, the region is expected to account for 65% of the global middle class, making it a key driver of global food demand. Bel Group is convinced that a cornerstone of its growth lies in Asia. The Group is committed to building strong, trusted local partnerships that can help navigate supply chain complexities and protectionist environments, while unlocking long-term opportunities in high-growth markets.

Bel is now a leader in Cheese in Vietnam, India and China, all vast countries by population and potential in Asia, while also holding strong positions in Japan and Korea. With iconic brands like The Laughing Cow® and Kiri®, Bel has successfully introduced products that combine global quality standards with local consumer tastes, making cheese accessible and relevant in diverse culinary cultures.

This investment in Indonesia reflects Bel’s commitment to building strong, long-term partnerships with leading local players to accelerate growth, adapt to local market needs, and deliver on its mission to champion healthier and responsible food for all.

Cécile Béliot, CEO of Bel Group, stated: “This acquisition is much more than an investment: it is a strong statement in a market with huge potential. Thanks to Garudafood, we will establish Bel in Indonesia for the long term and accelerate the transformation of the cheese market throughout Southeast Asia. By combining our complementary strengths, we will unlock the full potential of the cheese category in Indonesia. Together, we are committed to bringing more choice, quality, and innovation to Indonesian consumers while creating sustainable value for our partners and the Bel Group.”

Hardianto Atmadja, President Director of Garudafood, stated: “We really appreciate and thank Bel for their confidence and trust in selecting Garudafood and MBR as their long-term and strategic partner in Indonesia. We are very excited about this partnership with Bel in MBR. Bel has a long history and has been growing to be one of the global leaders in the Cheese business. MBR could learn a lot from Bel in various areas, including product development, R&D and certain technical capabilities. They have iconic and strong global brands which are also well accepted by Indonesian consumers due to their product quality and nutritional contents. We are confident that Bel would bring significant contributions to MBR so that MBR’s growth prospects would be even stronger in the future, both in Indonesia and in the region.”