AUS: Bright Food linked to NZ biscuit firm Griffin's
By Dean Best | 15 December 2011
Chinese food and drink group Bright Food has reportedly held talks with the private-equity owner of Griffin's over a possible deal for the New Zealand biscuit maker.
Bright Food, which acquired a majority stake in Australia's Manassen Foods in August, has held talks with Griffin's owners Pacific Equity Partners, according to The Wall Street Journal.
The company has been among suitors from the US and Asia that have toured Griffin's manufacturing facilities in recent months, the WSJ said.
A spokesperson for the private-equity firm declined to comment when contacted by just-food.
Pacific Equity Partners kicked off the sale of Griffin's in September when it sent information memorandums to interested parties. It hopes to fetch NZ$1bn for Griffin's, the WSJ said. The buy-out house acquired Griffin's from Danone in 2006 for around NZ$385m.
The sale process is expected to come to a conclusion in the first half of next year, the WSJ said.
Earlier this year, Pacific Equity Partners sold New Zealand chicken group Tegel Foods to Hong Kong investment firm Affinity Equity Partners. The deal was reported to be worth NZ$605m.
Sectors: Bakery, Mergers & acquisitions
Companies: Bright Food, Manassen Foods, Danone
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