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September 29, 2010

NZ: Tegel owner confirms mulling options

The owner of New Zealand poultry firm Tegel Foods has confirmed it is mulling the future of the business.

By Dean Best

The owner of New Zealand poultry firm Tegel Foods has confirmed it is mulling the future of the business.

Pacific Equity Partners, which acquired Tegel from Heinz in 2005, has mandated banks to study its options.

“Tegel has engaged financial advisers to assess its strategic options but there is no certainty that this will lead to a sale,” a spokesperson told just-food today (29 September).

The spokesperson refused to be drawn on the level of interest in Tegel or how long it will be before the company’s private-equity owners make a final decision on what to do with the business.

Reports in New Zealand have linked Chinese firms Bright Food Group, China Yurun Food Group, Japan’s Nippon Meat and Thai company Charoen Pokphand Foods to Tegel.

Reports in the region have also claimed that Pacific Equity Partners is looking to sell another food asset, Griffin’s Foods, the biscuit maker.

just-food understands, however, that the private-equity firm is not planning to offload the firm.

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