Bright Food said to have bought 75% stake in Manassen Foods
Chinese food group Bright Food has reportedly agreed to buy a 75 per cent stake in Australian-branded food manufacturer and importer Manassen Foods.
A Reuters report said yesterday (14 July 2011) the stake is being sold by CHAMP Private Equity, an independent buyout fund manager. According to the report, existing shareholders and management will continue to own the rest of Manassen Foods.
Manassen Foods has developed into an iconic Australian business over the past 60 years. Beginning from humble origins by a European immigrant family of survivors of World War Two, it became one of Australia’s leading grocery importers, now ranked in the top 40 suppliers to Australian supermarkets.
Manassen Foods sells its own brands – including dairy products under the Margaret River label – and acts as a distributor for products owned by the likes of Arla Foods, Premier Foods plc and Groupe Bel, with a portfolio including Carr’s, McVities, Ryvita, Bovril, Globus, Laughing Cow, Jelly Belly, Babybel, Sharwood’s, Castello Cheese and Lemnos Fetta. The company was founded in 1953 and has more than 350 employees.
Bright Food has been looking to make acquisitions outside of China. Last year, it acquired a 51% stake in New Zealand dairy firm Synlait Milk. It was also named in reports as a bidder for 50% of French yoghurt maker Yoplait but the stake that was eventually sold to General Mills.
When the Chinese government buys anything the decisions, profits and jobs will go to the Chinese in this case disguised as Bright Foods. Manassen foods are importers and distribute many Australian brands which are Australians have become familiar with – expect to see these sourced from China instead of from our farmers. And the ACCC sits back and allows the channels of distribution of yet more of our food chain go to China or any other foreign owner. We are in serious trouble and the people making the decisions are so intent on selling our assets that they lock Australians out of investing in our own country and securing our future. The national debt is now around AU$1.289 Trilliion and we are selling our wealth creating assets as if there is no tomorrow. Our country and our people deserve better. AUSBUY is doing research on food security – worth at look. http://www.ausbuy.com.au