Bright Food in talks to buy Griffin's
Chinese food company Bright Food is in talks with Australasian private equity firm Pacific Equity Partners (PEP) to buy New Zealand snack food business Griffin's Foods.
The sale process was formally initiated in September, and Bright Food is one of the bidders to have toured Griffin's manufacturing plants in Auckland, New Zealand, reported Deal Journal Australia.
In August, Bright Food Group said that it is evaluating the acquisition of Griffin's Foods as it plans to expand into Australia and New Zealand.
The sale process is expected to be completed in the first half of 2012. The deal has been valued at about A$750m ($743m) including debt. PEP has appointed UBS as well as Goldman Sachs to advise on the sale.
PEP acquired Griffin's from Danone in 2006 for NZ$385m ($303.88m).
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