mergers and acquisitions

Gokongwei buys Malaysia’s Munchy Food for P22.8 billion

Ralf Rivas
Gokongwei buys Malaysia’s Munchy Food for P22.8 billion
Universal Robina Corporation CEO Irwin Lee says the acquisition of Malaysia's top biscuit company would 'add immediate value' to their international product portfolio

Gokongwei-led Universal Robina Corporation (URC) acquired Malaysia’s Munchy Food Industries (Munchy’s) for $453.5 million (P22.8 billion).

In a stock exchange filing, URC said its subsidiary, URC Snack Foods Malaysia, has reached an agreement with private equity firm CVC Capital Partners to acquire 100% of Munchy’s.

URC added that the deal was made on a “cash-free, debt-free basis.” The transaction is expected to close by December.

Established in 1991, Munchy’s is Malaysia’s top biscuit company. Its brands include Munchy’s Cream Crackers, Lexus Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O Cookies.

“URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the biscuits category,” said Irwin Lee, president and chief executive officer of URC.

Rodney Wong, Munchy’s CEO, said their inclusion into URC would allow them to “have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia.” – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.