Kerry sells Australian bakery firm
Australia's Pacific Equity Partners (PEP) has agreed to buy Kerry Group's Pinnacle food manufacturing business in the region.
Pinnacle supplies baked products and bakery ingredients to about 3,500 customers throughout Australasia, including supermarkets, food service outlets and bakery retailers.
Its customers include supermarket chains Cole's and Woolworth's.
Pinnacle is being acquired by funds controlled by PEP and the transaction is expected to close in May. Terms of the transaction weren't disclosed.
PEP said Pinnacle holds strong market positions in the grocery and non-grocery channels, and has been manufacturing in Australia for over 25 years. Its products include cakes, muffins and doughnuts, as well as frozen and unbaked speciality items.
It will be the first portfolio company in PEP's fifth investment fund.
"Under local ownership and with the benefit of both PEP's expertise and capital, I believe there will be many opportunities for us to continue to improve and grow all aspects of our business," said Pinnacle chief executive Keven Doyle.
It's understood that Pinnacle senior management are also involved in the takeover deal from Kerry.
Pacific Equity Partners is the largest private equity fund in Australia and New Zealand with more than A$6bn (€3.8bn) equity funds under management.