TPG on verge of buying controlling stake in Asian Flower Business Hasfarm

On November 29, 2024By Littum

(Bloomberg) — TPG Inc. is in advanced negotiations to buy a controlling stake in the Asian flower farming company Hasfarm Holdings Ltd. from holders including Lombard Investments Inc., according to people familiar with the matter.

Most read from Bloomberg

A deal could value Hasfarm at about $500 million and may be announced in the coming weeks, the people said, asking not to be identified because the matter is private. Lombard owns 25% of Hasfarm, while its other investors include chairman Charles Target and the family of Indonesian businessman Ibrahim Hasan.

Bloomberg News reported last year that Lombard and the other shareholders were willing to sell at least 51% of Hasfarm.

Talks are ongoing and may not result in a sale, the people said.

Representatives for Hasfarm, the Hasan family and Lombard did not respond to requests for comment. TPG declined to comment.

Established in 1992, Hasfarm has locations in China, Indonesia and Vietnam, where it produces temperate flowers such as chrysanthemums, roses and tulips, as well as houseplants and – more recently – vegetables, its website shows. Its headquarters are in Hong Kong.

–With assistance from Manuel Baigorri.