Bright Food Group targets acquisition within six months

The company is keen to expand into overseas markets and has been linked to several assets that are either owned or potentially being targeted by private equity firms.

In mid-July it was reported that CHAMP Private Equity is looking to sell Australia's Manassen Foods - best known for Jelly Belly Jelly Beans, Carr's Water Crackers and Margaret River Dairy - to Bright Food for around A$600 million ($638 million).

Earlier the same month, the Chinese firm was said to be considering a bid for Treasury Wine Estates, the brand that was spun off by beer maker Foster's Group. Treasury Wine was put up for sale last September, reportedly attracting interest from private equity firms including KKR, TPG and Cerberus Capital Management. A $2.5 billion bid for full ownership from the latter is said to have been rejected.

Bright Food 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
• Greater China
• Consumer
• CHAMP Private Equity
• KKR
• TPG Capital
• Cerberus Capital Management