Bright Foods anticipates more acquisitions in Australia

Citing Bright Foods' Chairman Wang Zongnan, the Wall Street Journal reported that Bright Foods aims to grow its wine, dairy and sugar businesses via Australian acquisitions. Wang additionally wants to import Australian products into China, and vise versa, to build the company's overseas credentials and meet consumer demand.

Earlier this month, the Chinese company bought Manassen from CHAMP Private Equity, finally fulfilling its ambitions to acquire an overseas asset. Bright Food, China's second-largest food company, has attempted several other overseas deals in the past two years but without success. In March, it lost out on a bid to buy 50% of French yogurt maker Yoplait to General Mills. That followed failed bids late last year for US vitamin retailer GNC Holdings and Britain's United Biscuits.‬

Reports estimated Manassen's worth at more than A$500 million ($525 million). The transaction, which still requires regulatory approval, is poised to give Bright Food ownership of brands including Jelly Belly Jelly Beans, Carr's Water Crackers and Margaret River Dairy.

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• Topics
• Australasia
• Consumer
• Buyouts
• CHAMP Private Equity