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.
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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.
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By GlobalDataEarlier 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.
