China’s Bright Food, which owns a controlling interest in UK cereal maker Weetabix, has confirmed the acquisition of a majority stake in Israeli food company Tnuva.
Bright confirmed it had “reached a preliminary agreement” to acquire 56% of Tnuva from UK private equity firm Apax, which purchased the stake in 2008.
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According to a spokesperson at Apax, “the sales values Tnuva at NIS8.6bn (US$2.5bn)”.
Tnuva, Israel’s largest food manufacturer, has a portfolio that includes dairy products, frozen vegetables, egg products, meat and pastries.
The investment is the latest overseas deal Bright has struck. In 2012, Bright bought 60% of Weetabix. A year earlier, it snapped up 75% of Australian food manufacturer and importer Manassen Foods.
In 2010 Bright Food acquired the majority of New Zealand’s Synlait Milk.
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By GlobalData
