Universal Robina, a subsidiary of Philippines' JG Summit Holdings, is set to acquire New Zealand-based Griffin's Foods from Australian Pacific Equity Partners (PEP) for about NZ$700m ($609m).
Universal already has presence in Thailand, Vietnam, Indonesia, Malaysia, Singapore, China and Hong Kong.
The acquisition would help Universal expand its operations in the Australasian region.
Griffin's Foods produces different biscuit ranges such as Gingernuts, Cookie Bears and MallowPuffs.
The company will fund the acquisition with loans and internal sources, reported Reuters.
Universal expects Griffin's to generate around NZ$280m in annual net sales and NZ$78m in earnings before interest, taxes, depreciation and amortization (EBITDA) in the current financial year, compared to about NZ$40m when PEP acquired the business in 2006.
Universal Robina president and CEO Lance Gokongwei was quoted by Reuters as saying: "(Universal) has been looking for opportunities to explore potential acquisitions and partnerships in line with our vision to be a significant regional player in snack foods and beverages.
"We believe Griffin's is at the forefront of global consumer trends in snacking...we are very excited to introduce and grow these brands in Asia."
Image: Griffin's produces different biscuit ranges such as Gingernuts, Cookie Bears and MallowPuffs. Photo: courtesy of aopsan / FreeDigitalPhotos.net.
