February 26, 2016 at 11:00 AM
Monde Nissin, 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 the amount of £550m. 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.
Quorn’s Chief Executive Kevin Brennan commented, "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 CEO Henry Soesanto said, "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."