LONDON, United Kingdom (UPDATED) – Philippines-based consumer goods company Monde Nissin Corporation has bought British meat-alternative food producer Quorn for £550 million (P38.93 billion) as it looks to grow sales across Asia, the pair announced Thursday, October 1.
Investment firms Exponent and Intermediate Capital announced in a statement that they have agreed to sell Quorn to Monde Nissin for the equivalent of $833 million or 743 million euros.
Quorn, which makes its meat alternatives using a fermentation process, enjoyed sales of £150.3 million (P10.64 billion) in 2014 across a number of countries.
“We have an ambition to be the world leader in meat alternatives, ultimately creating a $1-billion business," said Quorn chief executive Kevin Brennan.
"Monde Nissin Corporation’s purchase represents a great step forwards in this ambition; they share our belief in the potential of Quorn, and provide capability to expand the brand into Asia.”
Henry Sy-led BDO Unibank, Inc. is bullish about the global expansion of Philippines’ Monde Nissin Corporation through its acquisition of Quorn Foods.
BDO Executive Vice President Edmundo Soriano said in a statement Monday, November 2 that the bank owned by the country's richest played a major role in the $831 million deal to acquire Quorn Foods.
"Monde Nissin's acquisition of Quorn Foods will boost the company's sales further and expand its presence globally," Soriano said in a statement.
"Its acquisition bid, which bested some of the leading global food giants, is a strong indication that domestic companies adhering to international best practices can very much compete in the global arena," the statement read. (READ: Philippine firms on billion-dollar global shopping spree)
Monde Nissin CEO Henry Soesanto said the company has been investing in on-trend, better-for-you products internationally, as part of its strategy to become a global, diversified food company.
“Quorn represents an important new leg in our offering. We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly," he said.
Monde Nissin is known for its products like instant noodles under the Lucky Me brand, as well as baked goods and biscuits under the Monde, Nissin, Voice, and Bingo brands. Its affiliations include MY San biscuits, Mama Sita, and Dutch Mill milk, yoghurt, and real fruit juice.
Quorn, meanwhile, recently acquired Black Swan chilled dips and Nudie chilled juices in Australia. – Rappler.com
£1 = P 70.76