Bright Food reaches agreement on Manassen purchase

The transaction, which is subject to regulatory approval, would give Bright Food access to the Australian market and assist it in building up marketing experience overseas. Manassen is best known for Jelly Belly Jelly Beans, Carr's Water Crackers and Margaret River Dairy.

CHAMP took a 51% holding in Manassen five years ago, with the remaining shares held by company management. The private equity firm originally wanted to exit via a dual-track IPO and sale - and was said in February to be eyeing a A$400 million offering - but this plan was shelved due to the weak equities market.

According to earlier reports, the deal has been structured so that existing shareholders and management will continue to own part of Manassen. The management team is also expected to remain intact.

Shanghai-based Bright Food is keen to expand into new markets and has been linked to a string of deals in the last year or so, although it has not found overseas M&A easy. In February, the company failed to land PAI Partners' 50% stake in yogurt maker Yoplait, despite being the highest bidder. It also lost out in the battle for CSR's sugar and bioethanol business Sucrogen and negotiations over the acquisition of Britain's United Biscuits reportedly came to nothing.

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• Topics
• Consumer
• Greater China
• Australasia
• Exits
• CHAMP Private Equity