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August 1, 2019

Owners of tuna brand Sirena ‘seek buyer’

The owners of Australian tuna brand Sirena, the Valmorbida family, are reportedly looking to sell the business.

By Dean Best

The owners of Australian tuna brand Sirena, the Valmorbida family, are reportedly looking to sell the business.

According to The Australian Financial Review, the Valmorbidas have hired KPMG to handle the process.

The family set up the Sirena business more than 60 years ago. The newspaper reported potential buyers have been told Sirena makes AUD20m (US$13.7m) a year in earnings – and the Valmordibas are looking for a deal worth 15 times that amount.

First-round bids are due later this month, the AFR added. It reported private-equity firms Adamantem Capital and Quadrant Growth Fund are among interested parties. Quadrant Growth Fund is part of Quadrant Private Equity, which has investments in consumer goods including chocolate maker Darrell Lea.

Neither representatives for Sirena, KPMG, nor the private-equity firms could be reached out of normal office hours in Australia.

Sirena was launched in Australia in 1956, seven years after the Italian Carlo Valmorbida emigrated Down Under.

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