Pacific Equity Partners has sold New Zealand-based portfolio company Griffin’s Foods in a deal worth NZ$700 million ($607 million; €500 million), according to a statement.
The business was bought by major Southeast Asia and Greater China food and beverage business, Universal Robina Corporation, based in the Philippines.
Griffin’s is a biscuit and snack foods business in New Zealand, manufacturing high-quality branded products, including biscuits, crackers, nutritious snack bars and savoury snacks. The business is also growing its presence in Australia and sells its products in more than 20 countries worldwide.
PEP acquired Griffin’s Foods in 2006 from French food conglomerate Danone. Since, the firm has established two manufacturing supercenters in New Zealand, established an export division and acquired Nice & Natural, a nutritious snack maker in Australia.
“We are proud of our strong track record of growing earnings in corporate carve out situations by backing local management teams to execute on a strategy to significantly expand their businesses,” PEP managing director David Brown said.
“Working with the Griffin’s management team has been a fantastic experience and a great example of collaboration in a sector we know well. Griffin’s celebrated its 150th anniversary this year and we’re confident the growth story will continue under the ownership of URC, facilitating further growth into ASEAN markets.”
PEP has been on an exit roll recently, having sold Peter’s Food Group to R&R Ice Cream and carrying out successful initial public offerings of Veda Group, Spotless Group and Asaleo Care.
The firm is also in the market with its fifth private equity vehicle, targeting A$2 billion ($1.9 billion; €1.4 billion), PEI reported earlier. The firm had raised close to A$850 million for its first close in May this year.
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