Quorn Foods Sold For £550 Million
Monde Nissin Corporation, one of the leading food consumer goods companies in the Philippines, has agreed to purchase Quorn Foods from Exponent Private Equity and Intermediate Capital Group for £550 million. The purchase is expected to be completed by October 30. Quorn is an international meat alternatives business, with market leading position in 15 countries. It has around 620 employees in three UK sites, in Germany, and in the United States.
Monde Nissin is building a global branded food business, diversifying into categories that focus on health and sustainability. Quorn is a great fit for this strategy and complements its recent acquisition of Black Swan and Nudie, the leading brand of chilled dips and chilled juices in Australia, respectively.
Simon Davidson, partner at Exponent, says: “Under Exponent’s ownership, Quorn has been transformed into a fast-growing global health brand. Our partnership with the superb management team, led by Kevin Brennan, has created one of the UK’s fastest growing food brands as well as a rapidly growing international business.”
Quorn’s chief executive Kevin Brennan comments: “We have an ambition to be the world leader in meat alternatives. Monde Nissin’s purchase represents a great step forward in this ambition. They share our belief in the potential of Quorn, and provide capability to expand the brand into Asia.”
Monde Nissin’s chief executive Henry Soesanto says: “Monde Nissin has been investing in on-trend, better-for-you products internationally, in-line with our strategy to become a global, diversified food company. Quorn represents an important new leg in our offering. We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly.”
