Monde Nissin acquires Australian dip manufacturer Black Swan

Philippines-based food company Monde Nissin has acquired Black Swan, a leading chilled dip manufacturer in Australia.

Black Swan, established more than 39 years ago and based in Victoria, also has a strong presence in the Greek yoghurt market.

The company’s products are sold through four of the leading supermarket groups in Australia – Coles, Woolworths, IGA and ALDI.

The sale comes after Deloitte Restructuring Services partners Sal Algeri and Simon Wallace-Smith became court-appointed receivers and managers over the business in June 2013.

It has been reported that the company was put up for sale following a family dispute.

Deloitte Corporate Finance partner Victoria Brilliant, who managed the sale, noted that the sale reflects the continued growth and profitability of the business over recent years.

Brilliant said: "Black Swan has grown revenues by a compound annual growth rate of 12% over the last two years to around $70m in FY14.

"This reflects the hard work of the shareholders and current employees in building Black Swan into Australia’s leading chilled dip brand with approximately 30% of the Australian chilled dip market."

Monde Nissin, which has been operating in South-East Asia for over 30 years, has a significant presence both in Philippines and Thailand.

The company has evolved into a leading food manufacturer and supplier of branded products including instant noodles, biscuits and other snack foods.

"The sale is indicative of strong interest in Australian dairy and FMCG businesses, particularly from international players," added Brilliant.