Quorn brand sold for £550m in deal that will pave the way for Asian expansion
Monde Nissin's successful bid will now introduce the British brand to Asia.
Quorn, One of Britain’s biggest home-grown consumer brands, has been snapped up by a Philippine noodles company for £550m.
Monde Nissin’s bid for the meat-free food maker saw off interest from other potential buyers including chip maker McCain, Nomad Foods (the new owner of Birds Eye and Findus), French yoghurt maker Danone and Ireland’s Kerry Group.
The acquisition concludes a lengthy open bidding process which was announced early last month and attracted interest from WhiteWave, one of one of the biggest producers of plant-based foods such as Alpro and Swiss giant Nestle.
The British private equity firm, Exponent, who bought Quorn in 2011 for £205m has seen its original investment of £205m more than double following the sale.
Monde Nissin’s decision to snap up the brand, which sells meat-free mince, nuggets, burgers and sausages in 16 countries, is part of its plan to increase its value in preparation for its stock market listing next year.
Monde Nissin’s chief excutive, Henry Soesanto, said the company was “excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly”. He added that the Quorn brand “represents an important new leg in our offering”.
Quorn's chief executive, Kevin Brennan, said the deal “provides the capability to expand the brand into Asia” and take it closer to its “ambition to be the world leader in meat alternatives, ultimately creating a $1bn business”.
Since its creation in 1985 the Quorn brand has grown hugely popular and is now ranked as Britain’s 35th biggest brand by Nielsen, putting it ahead of family favourites such as Heinz tomato ketchup. Its success has been accompanied by a partnership with Olympic champion Mo Farah who serves as its brand ambassador and features in its advertising campaigns.
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