First Pacific, the Hong Kong investment fund, is reportedly looking to sell its 50% in Australia-based food manufacturer Goodman Fielder.
The Australian Financial Review said yesterday (16 September) First Pacific had started to look at offloading its shares in the Helga’s bread maker after getting interest from trade and private-equity suitors.
Wilmar International, the Singapore-based agri-food group that bought Goodman Fielder alongside First Pacific in 2015 – is understood to want to keep its stake, the newspaper said.
Citing unnamed sources, The Australian Financial Review said First Pacific had not appointed advisers.
First Pacific and Wilmar paid AUD1.3bn (US$934.2m) for Goodman Fielder, which also owns brands including Meadow Fresh milk and Praise mayonnaise, in 2015.
When the listed First Pacific announced its first-half results last month, it said FPW, the venture that controls Goodman Fielder, saw its profits increase 56% to US$10.3m after asset disposals and organic growth in certain markets.
Outside Australia, notable markets for Goodman Fielder include New Zealand – where it has 11 plants – as well as Fiji, Papua New Guinea and Indonesia.