M&As this week: Empire Foods, Nestle, Redsun Dried Fruit & Nuts

Empire Foods has reached an agreement with United Pioneer Holdings to acquire a 100% stake in Lucky Max Developments for consideration of CNY194.8m ($24.92m).

Empire Foods proposes to pay the consideration in three equated payments of CNY107.88m ($16.29m), CNY71.92m ($10.86m), and CNY15m ($2.26m).

All the companies involved in the transaction are based in the British Virgin Island.

Empire Foods is a subsidiary of Hong Kong-based investment holding company China Greenfresh Group.

Lucky Max Developments is engaged in the sale and processing of canned, frozen fruit, and vegetables, while United Pioneer is an investment holding company.

Nestle has agreed to acquire Atrium Innovations from a group of investors for $2.3bn in an all-cash deal. The investors group includes a company backed by private equity firms Permira Advisers, Fonds de solidarite FTQ, and Caisse de depot et placement du Quebec.

Based in Switzerland, Nestle is engaged in the food and beverage sector, while Atrium Innovations is a Canada-based company engaged in the development and manufacture of dietary supplements.

Atrium Innovations will be led by its existing management team and will operate independently within Nestle Health Science, following the acquisition.

Nestle hopes the transaction will enable it to grow in the consumer healthcare as well as high-growth food and beverage categories.

The company has engaged Morgan Stanley and Co, RBC Capital Markets, and William Hood and Company as financial advisors for the transaction, while Atrium Innovations has engaged Skadden, Arps, Slate, Meagher and Flom, and Stikeman Elliott as its legal advisors.

Raisins processing and distributing company Redsun Dried Fruit and Nuts has acquired ready-to-eat trail mix products producing company RTE Snacks.

Both the companies involved in the transaction are based in South Africa.

Maple Leaf Foods has reached an agreement to acquire Field Roast Grain Meat for $120m by using a combination of cash and loans under an existing credit facility.

The acquirer company expects to become the market leader in sustainable protein, while creating shared value through making a positive social impact through the acquisition.

Based in Canada, Maple Leaf Foods is engaged in the manufacture of consumer packaged meats, while Field Roast manufactures premium grain-based ‘meat’ and vegan cheese products.