Kemen Noodle Manufacturing Co., the China-based noodles supplier, has expressed interest in buying Australian bakery business Allied Pinnacle.
In a statement to the Shenzhen Stock Exchange, Kemen Noodle Manufacturing said it had contacted Allied Pinnacle’s management and made what it described as “an initial expression”.
However, Kemen Noodle Manufacturing said it had yet to conduct “formal due diligence work” on Allied Pinnacle, although it planned to submit a “non-binding” letter of interest.
Earlier this month, reports in Australia said executives from Japan-based food manufacturer Nisshin Seifun Group had toured Allied Pinnacle’s factories and met with management.
Pacific Equity Partners created Allied Pinnacle last year when it acquired Australian bakery products and flour manufacturer Allied Mills from GraIncorp and Cargill, combining that asset with its existing Pinnacle Bakery & Integrated Ingredients business.
The Australian Financial Review has reported Pacific Equity Partners has hired advisers to oversee the sale of Allied Pinnacle, which supplies bakery ingredients to food manufacturers, as well as finished bakery products to retailers and foodservice operators. Its consumer brands including The Good Going Bakery, which sells products at retailers including Australia’s Woolworths Ltd.
In July, The Australian newspaper said Associated British Foods and Goodman Fielder were ready to bid for Pinnacle Bakery.
ABF’s bakery business in Australia includes bread brand Tip Top. Goodman Fielder, owned by Singapore-based Wilmar International and Hong Kong investment fund First Pacific, has a portfolio of brands that includes Mother’s Choice flour and Wonder White bread.
