PEP denies NZ Griffin's Foods sale, confirms Tegel under review
Pacific Equity Partners has publicly denied that it will sell its New Zealand snacks and biscuits investee Griffin’s Foods, following reports by Australian media that the asset was up for sale alongside poultry business Tegel and cinema player Hoyts.
However, PEP also confirmed earlier reports that it had engaged Greenhill Caliburn and Morgan Stanley to review strategic options for Tegel, particularly a trade sale. The chicken company is understood to be attracting interest from Asian strategics, including Chinese companies Bright Food and Yurun Food Group, as well as Nippon Meat of Japan and Thailand's Charoen Pokphand Foods. PEP indicated in August that it was delaying the flotation of Hoyts until next year, in the face of volatile capital markets.
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