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.
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