In a statement issued this week, Griffin’s Foods Limited said it “is pleased to announce the sale of the company from funds advised by Pacific Equity Partners (PEP) to Universal Robina Corporation (URC) for NZ$700 million subject to Overseas Investment Office (OIO) approval.”
After 150 years of baking heritage, this transaction is the logical next step for the New Zealand snack food company, which is focused on expanding its export opportunities and taking Griffin’s products to new markets. Griffin’s brands include Cookie Bear biscuits, ToffeePops, the ETA range and many other well-known biscuits and snack products.
URC has made a commitment to invest behind the local team to grow the business in New Zealand, Australia and Asia and is attracted to the high quality of Griffin’s products, produced locally in New Zealand by 800 highly talented employees.
Griffin’s Executive Chairman, Ron Vela, said: “Like Griffin’s, URC is a leading branded food company that started as a small, family-owned business and has successfully expanded its markets offshore to become one of the largest food and beverage companies in the region with operations in ASEAN markets including the Philippines, Vietnam, Thailand, Indonesia, Malaysia, Singapore, Hong Kong and China.
Following the transaction the Griffin’s team will remain in place, with COO Alison Taylor stepping into the Chief Executive role once OIO approval has been determined. Ron Vela has been retained as a Consultant to the senior team at URC.