With this transaction, Bel becomes a joint controlling shareholder of MBR alongside Garudafood, which remains the majority shareholder.

Both companies will work together to grow cheese consumption in Indonesia through new product innovations that cater to evolving consumer preferences. The partnership combines Garudafood and MBR’s local market expertise, manufacturing strength, and wide distribution network with Bel’s portfolio of global brands, category leadership, and cheese-making know-how.

Established in 1994, Garudafood is one of Indonesia’s major players in the snacks and beverage production with a portfolio that includes biscuits, milk drinks, chocolate powder, processed cheese, and salad dressings. Its flagship cheese brand, Prochiz, is among the country’s top brands, being widely used in local dishes and bakery products. Since acquiring MBR, Garudafood has expanded Prochiz’s reach across modern and traditional trade channels, now commanding more than a third of Indonesia’s cheese market.

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.”  

He continued, “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 content. 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.”

Bel, meanwhile, has established itself in Indonesia with its snacking cheese range, including Bel Cube and The Laughing Cow. Known for their quality and nutritional value, these products reflect Bel’s cheese-making expertise and focus on healthier snacking. This positioning now serves as a foundation for accelerating growth through its partnership with Garudafood.

The transaction marks a key milestone in Bel’s international expansion and supports its goal to strengthen its presence in high-potential markets. With Indonesia’s population exceeding 275 million and a growing middle class, the country represents one of Asia’s most dynamic food markets. The partnership allows Bel and Garudafood to jointly approach the market through both cooking and snacking cheese segments.

Bel said it aims to continue building strong local partnerships to navigate regional complexities and unlock long-term opportunities in fast-growing markets.

This investment underscores Bel’s commitment to expanding its footprint in Asia through collaborations with local industry leaders, adapting to market needs, and promoting healthier and responsible food choices.

Cécile Béliot, CEO of Bel Group, shared, “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.” 

She added, “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.”

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