Win&Co acquires Momogi Group, taking 99.99% stake in Southeast Asian snack play
What's the deal? PT Wahana Interfood Nusantara Tbk (Win&Co Group) signed a conditional share purchase agreement on May 6 to acquire PT Sari Murni Abadi, better known as the Momogi GroupDealroom has a profile for this one. Try Dealroom →. The deal will give Win&Co control of up to 99.99% of Momogi Group's shares once closing conditions are met.
The acquisition transforms Win&Co from a company focused on premium cocoa and chocolate into a diversified food and ingredients and FMCG player. It gains direct access to Indonesia's 270 million consumers and Vietnam's 100 million through Momogi's prior acquisition of Bibica Corporation.
"We recognize immense synergy potential in product development, distribution, and market expansion," said Sugianto Soenario, president director of Win&Co Group.
Why now? Southeast Asia's snack market is projected to grow at a compound annual growth rate of 6–8% through 2030, according to Statista, driven by a rising middle class, rapid urbanisation, and growing demand for convenient food products.
Momogi Group operates two manufacturing facilities in East Java and West Java, plus two in Vietnam via Bibica. The combined entity gives Win&Co expanded reach across Asia, the Middle East, and Africa — making the timing ripe for consolidation before the market heats up further.
What could go wrong? Integrating operations across multiple countries and product categories is complex. Win&Co is diversifying aggressively into snacks, biscuits, wafers, and confectionery — segments far from its chocolate roots. Managing supply chain optimisation across Indonesia and Vietnam, from raw materials to logistics, will test the company's execution capabilities.
The signal: This acquisition underscores a growing consolidation wave in Southeast Asian FMCG, where domestic players are scaling up to compete with multinational incumbents across the region's fragmented markets. Momogi Group, classified as an early-growth company on Dealroom, represents the kind of established-but-expanding local brand that larger groups are snapping up to gain instant distribution and manufacturing footprint. With a combined consumer base spanning 370 million people across Indonesia and Vietnam, Win&Co is betting that regional scale — not just product quality — will be the decisive competitive advantage as snack market growth accelerates toward 2030.
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