Philippines food group Monde Nissin Corp. has snapped up Australian dips manufacturer Black Swan, which went into receivership last year.
Family-owned Monde Nissin is said to have paid an estimated A$50m (US$47.1m) to buy Black Swan from receivers Deloitte, although the financial giant did not disclose the sale price.
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Black Swan was put into Deloitte’s hands last June. Reports in Australia said the business, previously owned by Australian family-owned group Poseidon Tarama, was put on the market after a family dispute.
Deloitte corporate finance partner Victoria Brilliant said: “The sale reflects the continued growth and profitability of the business over recent years. Black Swan has grown revenues by a compound annual growth rate of 12% over the last two years to around A$70m in FY14.”
She added Black Swan accounted for around 30% of sales of chilled dips in Australia.
The deal is Monde Nissin’s first in Australia. It has been operating in South East Asia for over 30 years and operates in categories including instant noodles, biscuits and other snack foods in the Philippines and Thailand.
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