TWC Capital advises CBL Group on $ 25 m Indonesian acquisition

From left: Sellers’ Financial Advisers, Sellers’ Legal Counsel, Sellers, CBL team, CBL’s Financial Advisers, and CBL’s Legal Counsel

TWC Capital Ltd., the corporate financial advisory arm of TWC Holdings, acted as the exclusive buy-side financial adviser to CBL Group on its acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a large-scale coconut processing facility in Indonesia, with an investment exceeding $ 25 million.

This transaction marks TWC Capital’s third cross-border mergers and acquisitions advisory mandate in the past two years, reinforcing its growing reputation for executing complex international transactions for leading Sri Lankan and overseas corporate entities.

CBL Group Managing Director Shea Wickramasingha said: “This acquisition is a strategic step in increasing capacity and enabling geographic risk mitigation, with the objective of strengthening our market share in the global coconut milk category. Currently, we are the largest coconut milk exporter in Sri Lanka. The new acquisition enables us to build greater resilience into our supply chain while leveraging Indonesia’s strong trade linkages to key export destinations.”

CBL Group is one of Sri Lanka’s largest diversified food manufacturing conglomerates. The acquisition enables CBL to establish a strategic foothold in Indonesia – the world’s largest exporter of coconuts – and aligns with TWC’s broader vision of supporting Sri Lankan companies in their transformation into regional and global champions.

CBL Natural Cluster Director/CEO and PT TJT Indonesia President Director Randeewa Malalasooriya said: “Indonesia is a critical hub in the global coconut industry. This acquisition strengthens our regional manufacturing footprint and export capability, while enhancing scale and supply chain resilience across our operations. We appreciate the structured advisory support provided throughout this cross-border transaction, which enabled disciplined execution across regulatory and financial requirements. Special appreciation to TWC Team for the commitment, attention to detail, and willingness to go beyond expectations.”

TWC Holdings Chairman and Managing Director Thilan Wijesinghe said: “We are proud to be part of CBL Group’s journey as it expands its global footprint and strengthens its position as a leading player in the international coconut manufacturing industry.”

The transaction is a strong testament to TWC Capital’s capability in managing sophisticated cross-border Mergers and Acquisitions (M&As), successfully navigating multi-jurisdictional regulatory frameworks, language and cultural considerations, and complex tax and structuring challenges.

TWC Capital Chief Executive Officer Rasanja Perera said: “We are extremely proud to support CBL Group on this transformational cross-border investment. Leading the TWC Capital team on a transaction of this scale and strategic significance is both a privilege and a testament to our commitment to delivering outstanding outcomes for our clients.”

TWC Capital advised CBL Group across the full transaction lifecycle, including: conducting a comprehensive study of Indonesia’s coconut manufacturing industry to identify suitable acquisition targets. The firm structured the transaction to optimise commercial, regulatory, and tax outcomes, performing business valuation, incorporating strategic and operational synergies for CBL. 

In addition, TWC led negotiations with sellers on commercial terms, negotiated transaction documentation, assisted in offshore fundraising to finance the acquisition and working capital requirements, secured regulatory approvals for overseas investment from the Central Bank of Sri Lanka and the Finance Ministry, and coordinated comprehensive technical, legal, financial, tax, employee, and Environmental, Social and Governance (ESG) due diligence. 

TWC also reviewed due diligence findings and embedded risk-mitigation strategies into the transaction structure, as well as evaluated the fulfilment of conditions precedent prior to financial close.