Griffin's sells for big biccies

New Zealand snack food maker Griffin's Foods has been sold by Australian private equity company Pacific Equity Partners (PEP) to Universal Robina Corp of the Philippines for $700 million.

The purchase by Universal Robina - one of Asia's biggest food companies, is subject to Overseas Investment Office approval, Griffin's said in a statement.

Under PEP's ownership, the company had invested over $180 million, creating two manufacturing centers based in Auckland and acquiring the Nice & Natural business, Griffin's said.

The acquisition would provide Griffin's with a network of consumers in the Philippines, Vietnam, Thailand, Indonesia, Malaysia, Singapore, Hong Kong and China from which to drive export growth, the company said.

Universal Robina is large 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 Asia. Its markets include the Philippines, Vietnam, Thailand, Indonesia, Malaysia, Singapore, Hong Kong and China.

- Jamie Gray, APNZ business reporter

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