Snack maker acquires New Zealand food products firm for €450m

A global rush for Australasian food assets continued yesterday with Pacific Equity Partners selling a New Zealand company to Philippine snack and beverage maker Universal Robina for NZ$700m (€450m).

The sale would be the second for Australia’s largest buyout firm during a period of strong interest in makers of high-quality food products needed to satisfy the demand of Asia’s growing middle class.

In May, Pacific Equity Partners sold Australian ice-cream maker Peters Food Group to Britain’s R&R Ice Cream plc for a reported A$450m (€312m), doubling its investment in two years.