TWC Capital (PVT) LTD, the corporate financial advisory arm of TWC Holdings, has successfully served as the exclusive buy-side financial adviser to CBL Group for its acquisition of PT Tri Jaya Tangguh Indonesia (TJT). This major investment, which exceeds USD 25 million, involves a large-scale coconut processing facility in Indonesia.
This transaction represents TWC Capital’s third cross-border mergers and acquisitions advisory mandate in the past two years, further cementing its reputation for executing complex international transactions for leading Sri Lankan and global corporate entities.
Commenting on the acquisition, Ms. Shea Wickramasingha, Group Managing Director of CBL Group, stated: “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. This acquisition allows 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.
Mr. Randeewa Malalasooriya, Director/CEO of CBL Natural Cluster and President Director of PT Tri Jaya Tangguh Indonesia, remarked: “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 the TWC Team for their commitment, attention to detail, and willingness to go beyond expectations.”
Thilan Wijesinghe, Chairman and Managing Director of TWC Holdings, expressed: “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 stands as a strong testament to TWC Capital’s capability in managing sophisticated cross-border M&As, successfully navigating multi-jurisdictional regulatory frameworks, language and cultural considerations, and complex tax and structuring challenges.
Rasanja Perera, CFA, Chief Executive Officer of TWC Capital, concluded: “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 provided comprehensive advisory services to CBL Group throughout the transaction lifecycle. This included conducting an in-depth study of Indonesia’s coconut manufacturing industry to identify suitable acquisition targets. The firm structured the transaction to optimize commercial, regulatory, and tax outcomes, performing business valuation, and incorporating strategic and operational synergies for CBL. Furthermore, 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 Ministry of Finance, and coordinated comprehensive technical, legal, financial, tax, employee, and ESG due diligence. TWC also reviewed due diligence findings and embedded risk-mitigation strategies into the transaction structure, while evaluating the fulfillment of conditions precedent prior to financial close.
Caption – (From left) Sellers’ Financial Advisors, Sellers’ Legal Counsel, Sellers, CBL team, CBL’s Financial Advisors, and CBL’s Legal Counsel.
