Universal Robina to acquire Griffin’s Foods in $609m deal

Philippines-based Universal Robina (URC) has reached an agreement to acquire New Zealand-based Griffin’s Foods from Pacific Equity Partners (PEP).

The deal, which is valued at around NZ$700m ($609m), will allow the Philippine firm to expand its distribution network in the Asian market.

Universal Robina CEO Lance Gokongwei said: “We believe Griffin’s is a natural strategic fit to our existing snack-foods portfolio given its strong brand heritage in New Zealand – a country trusted worldwide in having high credibility when it comes to food quality, safety and authenticity.”

Founded in 1864, Griffin’s Foods is a biscuit, snack food and confectionery manufacturer operating in New Zealand. It makes biscuit brands, including Gingernuts, Cookie Bears and MallowPuffs.

Universal Robina said that in the current financial year, Griffin’s is expected to generate around NZ$280m in annual net sales and NZ$78m in earnings before interest, taxes, depreciation and amortization (EBITDA).

In 2006, PEP acquired Griffin’s Foods from French food conglomerate Danone.

PEP managing director David Brown said: “We are proud of our strong track record of growing earnings in corporate carve out situations by backing local management teams to execute on a strategy to significantly expand their businesses.

“Working with the Griffin’s management team has been a fantastic experience and a great example of collaboration in a sector we know well. Griffin’s celebrated its 150th anniversary this year and we’re confident the growth story will continue under the ownership of URC, facilitating further growth into ASEAN markets.”

Universal Robina is one of the leading branded convenience food and beverage companies in the Philippines, and a major player in the South-East Asian and Greater China regions.