Pacific Equity Partners acquires Allied Mills
Pacific Equity Partners (PEP) has acquired one of Australia’s largest manufacturers of flour and bakery goods, Allied Mills.
PEP acquired Allied from GrainCorp and Cargill for an undisclosed price. Allied Mills will now be integrated into PEP’s Pinnacle Bakery and Integrated Ingredients business which is based in Western Sydney.
PEP managing Director, Tony Duthie, said the acquisition marked a rare combination of complementary businesses operating in adjacent categories.
“PEP has a proven track record of investing in consumer product businesses and we intend to invest significantly to grow and support the integrated business,” he said.
Managing Director of Allied Mills, Joseph Di Leo, said combining with Pinnacle will offer customers a “one-stop-shop” for bread and sweet bakery products.
“It’s an exciting time for the sector and with PEP committed to investing in the combined company’s strategic assets, there is very solid growth potential,” he said.
The acquisition is expected to be finalised within the next two to three months.
About Allied Mills
The establishment of Allied Mills goes back to 1864 when the Cocks Flour Mill was built in Toowoomba, Queensland. Until now, it has been 60 per cent owned by GrainCorp and 40 per cent owned by Cargill. GrainCorp acquired its share of Allied Mills in 2002 from Goodman Fielder.
Annually, Allied Mills buys and processes approximately 800, 000 tonnes of wheat and speciality grains including maize, rye, triticale, organic hard, soft and noodle wheats. Its brands include The Pastryhouse, Potts Bakery and Family Choice.
Allied Mills employs approximately 850 people across Australia and New Zealand. It has 15 manufacturing and distribution centres.
About Pinnacle Bakery
PEP has been the owner of Pinnacle Bakery and Integrated Ingredients since acquiring it from the Kerry Group in Ireland in June 2015. The Pinnacle business has itself been in operation for over 25 years and is a major supplier for both Coles and Woolworths. Its products include a wide range of bakery items such as cakes, biscuits, bagels, along with bakery ingredients such as caramels, jams and fondants.
The Pinnacle business employs 1, 200 and operates across five manufacturing facilities and nine distribution centres.
- Cargill acquires fats and oils business from Goodman Fielder
- GrainCorpannounces shock resignation of CEO
- Coca-Cola Amatil appointsGrainCorp CEO as its next MD
- Cargillcompletes merger with Teys Bros
- ACCC green lightsCargill-Teys JV
Horticulture Innovation Australia has released a new industry strategy which aims to increase the va...
Sunny Queen Meal Solutions is now offering an egg-based dessert or snack option called Sweet Bites.
Unlike other Australian dairy producers, Freedom Foods has achieved sales growth within its dairy op...
SUPERMARKETS continue to treat suppliers unfairly, says a review of the Food and Grocery Code of Con...
Australia has suspended the import of raw green prawns from White Spot disease affected countries.
Australian wine exports increased by 15 per cent to $2.56 billion in the 12 months ended December 20...
Gluten avoidance among Australians who do not have coeliac’s disease has plateaued new research has ...
Griffith University (Queensland) Eating a diet with high omega 6 in the lead up to pregnancy, co...