PEP sees sweet exit on Griffin's Foods
When Pacific Equity Partners (PEP) first came to acquire New Zealand-based snacks producer Griffin's Food in 2006 at an enterprise valuation of NZ$385 million (then $240 million), it represented the classic carve-out opportunity. The company - famous for biscuits like Cookie Bear, Gingernuts and MallowPuffs - was still a firm favorite, but after 16 years spent as part of French food conglomerate Danone it seemed somewhat neglected.
"This one had fit a real sweet spot for us," recalls David Brown, managing director at PEP. "We like carve-outs because they tend to be good brands with good market positions, but just need that extra...
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