Workers collecting plastic bottles of mineral water for sale in Bandungan, Semarang, Central Java, on Feb. 2, 2015. (Antara Photo/Pradana Aditya Putra)
US Equity Firm Announces $4.5m Investment in Indonesia Recycling Outfit
MARCH 17, 2015
Jakarta. California-based private equity firm Elixir Capital’s ECM Straits Fund announced on Monday that it has agreed to invest $4.5 million in Bintang Timur, a plastic waste management company based in Java.
Amir Azahar, managing director of Elixir Capital and the firm’s regional head in Southeast Asia, said that the investment will help the company expand both in Java and Bali.
“Our investment will help the company to expand and create 50 new recycling sites in Java and in Bali, bringing market share back into locally owned hands and catalyzing job growth,” Amir said in a statement on Monday.
Elixir Capital is currently holding its annual meeting in Bandung.
Following the launch in 2014 of Elixir’s ECM Straits Fund, the firm has invested in numerous small and medium enterprises (SMEs) throughout “southern Asia.”
Invitees to the annual meeting will discuss their views of shared market dynamics among “southern Asian” emerging economies in areas such as digital commerce, advanced agriculture, logistics, waste management and consumer services.
Nonetheless, Elixir Capital managing director Arshad Ahmed said the company was aware that Indonesian companies needed support in plastic waste management.
“We are delighted to announce our investment in these Indonesian entrepreneurs for whom it had been difficult to find support from local banks for their innovative work in plastic waste management,” Arshad said.
“We have learned about the dire need among fast growing Indonesian SMEs for global-minded investors willing to share risks, and this agreement heralds that Elixir Capital stands ready to support them and their local ecosystem.”
The Fund recently announced digital commerce investments in Annelutfen, Turkey’s leading e-commerce business for baby and mother products, and FashionValet, Southeast Asia’s premier online destination for female fashion and top fashion designs.