Philippines-based food and beverage company and owner of Snack Brands Australia, Universal Robina Corp and German-based snack food maker, Intersnack Group have announced a strategic partnership. URC is selling 40 per cent of its consolidated business in Australia and New Zealand to Intersnack.
The value of the deal is not known but is a mix of cash and shares in Intersnack’s Australian brand Yarra Valley Snack Foods.
The deal was struck through URC’s wholly owned British Virgin Islands subsidiary URC Oceania Company to drive operational growth and efficiencies in the region and give URC access to the European market.
In a disclosure to the Philippine Stock Exchange (8 July), URC said: “Leveraging on URC and Intersnack’s know-how from their respective markets will yield best practices in manufacturing, supply chain and sustainability practices, setting the groundwork for an even larger and more efficient Oceania operations.
“Through this transaction, URC monetises some of the synergies it has generated from its early investments in Australia and New Zealand, while still retaining control and its ability to further create value within and beyond ANZ.”
URC bought snack maker Snack Brands Australia for $600 million in 2016. That followed its purchase of New Zealand’s largest snacks maker, Griffin’s Foods, from private equity firm Pacific Equity Partners for $645 million in 2014.
Intersnack operates in 24 countries, but is limited in Australia to Yarra Valley Snack Foods, which has brands Tyrells Crisps, Wholesome Food Company and Thomas Chipman Organic Chips.
The deal is waiting on Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office approval.
