In April 2010, CVC funds, in partnership with PT Matahari Putra Prima Tbk, completed the acquisition of 98.0% stake in PT Matahari Department Stores Tbk (‘MDS').
MDS is Indonesia's largest department store with over 25% market share nationwide. MDS has an iconic brand name and mainly sells fashionable, affordable apparel and wide selection of footwear through its 88 stores in 45 cities throughout the country.
MDS is Indonesia's leading department store with over 50 years' history and has an excellent performance track record and outstanding brand equity among Indonesian consumers. The business has consistently achieved strong sales and EBITDA growth and generates strong cashflow due to low working capital requirement.