Sara Lee sold to race car champion

Sara Lee sold to race car champion

Frozen desserts brand Sara Lee has been bought and rescued out of administration by former race car driver Klark Quinn and his partner Brooke, who also saved chocolate maker Darrell Lea in 2012.

Sara Lee went into voluntary administration last October. The company appointed as Sara Lee’s voluntary administrator in 2023, FTI Consulting, has agreed to sell Sara Lee’s Australian and New Zealand businesses to a private company owned by Klark and Brooke Quinn.

The Quinns emerged as the successful buyers in a sales process involving around 60 domestic and international parties interested in the brand, as well as some $55 million owed to creditors.

The sale of the business for an undisclosed sum ensures the employment of more than 200 staff. The sales process will officially complete in the coming weeks.

Australians rushed to supermarkets to buy Sara Lee’s frozen cheesecakes, pies, crumbles and ice-creams last October after higher operating costs, supply chain issues and disrupted operations saw the company collapse and appoint FTI Consulting as administrators to the business.

Sara Lee’s Australian operations were established in 1971 and became a household name synonymous with good quality and affordable frozen desserts.

Klark Quinn is a three-time Australian GT champion and the son of Tony Quinn, the founder of VIP Petfoods. Quinn purchased confectioner Darrell Lea in 2012 after its collapse and cut some jobs to save on costs. The former competitive driver was hands-on in returning the Darrell Lea business to profitability and moved to Sydney to be near the production site based in Kogarah. In early 2018, he sold the business for around $200 million.

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