Bright Food, the Chinese food group, is reportedly set to take control of Australian branded food manufacturer and importer Manassen Foods.
Reports have claimed that Bright Food has struck a deal to buy 75% of Manassen from Champ Private Equity. Existing shareholders at Manassen’s management will own the rest of the business.
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According to Reuters, the deal values Manassen at over A$500m (US$523.8m). The news agency said a formal announcement is expected tomorrow (16 August).
Manassen sells its own brands, including dairy products under the Margaret River label. It also acts as a distributor for products owned by the likes of Premier Foods plc, Arla Foods and Groupe Bel.
Bright Food has been looking to make acquisitions outside of China.
This year, the company was named in reports as a bidder for 50% of French yoghurt maker Yoplait. The stake was eventually sold to General Mills in May.
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By GlobalDataLast year, Bright Food failed in its bid to buy Australian sugar refiner Sucrogen, while it was also reportedly in talks to buy UK-based manufacturer United Biscuits but the discussions broke down.
Bright Food did make one successful overseas foray last year with the acquisition of a 51% stake in New Zealand dairy firm Synlait Milk.
