China’s Bright Food Group is interested in buying Australian-branded food business Manassen Foods from CHAMP Private Equity, Reuters reported. The two parties are in “advanced talks” about a potential deal, Reuters wrote. CHAMP bought Manassen Foods in 2006.
(Reuters) – China’s Bright Food Group is in advanced talks to buy Australian branded food business Manassen Foods from CHAMP Private Equity, two sources with direct knowledge of the matter told Reuters on Monday.
If successful, the deal would mark Bright Food’s first major overseas acquisition after missing out on some large deals in its past few attempts. Bright Food was keen to expand into overseas markets to grow its dairy, sugar, wine, food industry and agriculture businesses among others, a company spokesman said last week.
Bright Food and CHAMP declined to comment. Sources declined to be identified as the discussions were private.
Last year, the Shanghai-based company bought a controlling stake in New Zealand’s Synlait Milk last year.
Manassen Foods, which was acquired by CHAMP in 2006, owns Sunbeam and Angus Park dried fruits and Margaret River Dairy. (Reporting by Denny Thomas and Sonali Paul; Additional reporting by David Lin, Melanie Lee; Editing by Chris Lewis)