Hong Kong based Nissin Foods Company Limited has acquired the Australian manufacturer of frozen dumplings, ABC Pastry, for $33.7 million. Nissin Foods says the deal gives the group a "premium opportunity" to tap into Australia's frozen food market.
Nissin Foods is listed on the Hong Kong stock exchange and has a diversified portfolio of instant noodles, frozen foods, and other food and beverage products under two core brands, Nissin and Doll. As well as mainland China and Hong Kong, the company operates in Vietnam, Taiwan, and Korea.
for dumplings and soup dumplings.
(Image: Nissin Foods Company)
ABC Pastry will become a wholly owned subsidiary of Nissin Foods. The family-owned business began in 1998 by Peter and Frances Gao after they had emigrated to Australia from China. From making dumplings and soup dumplings at home, they moved to a factory in Villawood, Sydney, and developed ABC dumplings. The range is stocked in Asian grocers, Harris Farm, and selected independent supermarkets.
The company said ABC Pastry provided a “premium opportunity to tap into the Australian frozen food market”.
“The Australian frozen food market size is expected to experience robust growth as frozen dumplings, in particular, have been benefitting from the rising Asian migration to Australia. Additionally, there is a growing demand for convenient, high-quality frozen foods, driven by busy lifestyles and a desire for international cuisine such as Asian. The Group anticipates that the trend will continue, and there will be ample opportunities for expansion of the premium frozen food market in Australia,” the company said.
It added that Nissin Foods could provide “valuable expertise and experience” in ABC Pastry’s operational and financial management, its long-term development, and enable diversification in its portfolio.
Nissin Foods CEO, chair, and executive directory, Kiyotaka Ando, said the acquisition marked another milestone in the company’s overseas market plan. In June the business acquired Korean snack manufacturer, Gaemi Food.
“This latest acquisition will allow us to diversify our product offerings and distribution channels and aligns with our long-term corporate vision and strategy of strengthening our market presence in key overseas markets.
“By leveraging ABC Pastry's extensive local network and premium frozen products, Nissin Foods is well-positioned to enhance our connection with the local community and Australian consumers. We believe that the acquisition will reap significant operational and financial synergies through the integration of its business with ours, ultimately delivering increased value to shareholders,” Ando said.
