The value of food industry deals was $10.28 billion in Q3 2019, the latest report from research firm GlobalData said.

It was a 136 per cent increase on the previous quarter and a 24.2 per cent increase on the last four-quarter average ($8.28 billion).

The top five deals accounted for almost 65 per cent ($6.67 billion) of the total value:

  • KKR’s $2.2bn private equity deal with Campbell Soup
  • The $1.8bn acquisition of South African Pioneer Food Group by PepsiCo
  • Best of Nature Bidco’s $1.03bn private equity deal with Dutch company Koninklijke Wessanen
  • The $1bn acquisition of VMG Quest Blocker and Voyage Holdings by nutritional food and snack company The Simply Good Foods
  • P/F Bakkafrost Holding’s acquisition of The Scottish Salmon for $641.14m.

KKR's aquisition of Campbell Soup Company included Australia's Arnott's biscuit business. Foreign Investment Review Board approval and the deal's completion in Australia is still pending.

The sale completed the company’s divestiture of its international and Campbell Fresh divisions, for US$2.5 billion.

Under the agreement, Campbell and KKR will enter a long-term licencing arrangement for exclusive rights to use certain brands in Australia, New Zealand, Malaysia and other markets in Asia, Europe, the Middle East and Africa. It includes: Campbell’s; Swanson; V8; Prego; Chunky; and Campbell’s Real Stock (Food & Drink Business 02/08/2019).

Packaging News

Joe Foster of O.F Pack has been recognised with an international Lifetime Achievement in Packaging Award for this year’s WorldStars.

Convenience and personal control will be the biggest consumer trends of 2020, according to Euromonitor International's latest report. It suggests while consumers aim to strike a balance between the two, brands must balance trust, security and delivering products that add value.

Visy is reportedly squaring off against two private equity firms in the battle for Owens-Illinois (OI)’s Australian and New Zealand assets.