CHAMP's Manassen Foods ready for IPO
Australian buyout firm CHAMP Private Equity is preparing to appoint advisors for a tentative initial public offering of Manassen Foods, a supplier of food brands including Jelly Belly Jelly Beans, Carr's Water Crackers and the Margaret River Dairy Company.
The company is operated under Food Holdings Ltd., formed in 2006, 51% owned by CHAMP with the remainder held by Manassen's management shareholders. The offering was said to be valued at more than A$400 million ($354 million). At the formation of the new company, whose other group entities include The Great Southern Foods group, King Oscar and Hutchinsons (NZ) Pty Ltd, CHAMP director Cameron Buchanan said he expected it to go public in three years when it achieved CHAMP's objective of doubling the annual revenue to $500 million.
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