Indonesia’sMGGroupgetsinvestmentfromNorthstar

Indonesia’s “bedbank” brand MG Group has received equity investment from Northstar Group, the Southeast-Asia-focused private equity fund. The terms have not been disclosed. While this is equity investment, with new shares issued, Northstar is not a majority shareholder at this stage, MG Group tells Tnooz.

Based in Jakarta, Indonesia, MG Group claims a dominant position in the Indonesian market. It offers rooms to travel agencies, tour operators, aggregators and global wholesalers from its database. MG Group may use the additional funding to accelerate growth through acquisitions.