Danone Asia has entered into an agreement for the sale of Griffin’s Foods to Pacific Equity Partners for around NZ$385m (US$235.6m).

It is selling the biscuit and snack business in line with parent company Groupe Danone SA’s shift of capital to targeted higher growth biscuit markets in the Asia Pacific regions of China, India and Indonesia, the company said. 

The completion of the transaction is subject to the fulfillment of certain conditions including regulatory approvals.

Griffin’s, New Zealand’s leading biscuit retailer, posted total sales of NZ$176m in 2005.