Kraft Heinz, the leading US-based food firm, is to acquire the Cerebos Food & Instant Coffee business from Japanese firm Suntory, according to an article in Retail World.
The deal, which excludes the Cerebos Fresh Coffee business, is worth around A$290 million ($227 million) and is expected to be completed in early 2018, subject to regulatory clearance.
The Cerebos Food & Instant Coffee units includes leading food brands in Australia and New Zealand such as Fountain, Gravox, Saxa, Foster Clark’s, Gregg’s, Bisto, Raro and Asian Home Gourmet. The acquisition will boost Kraft Heinz’s presence in categories including sauces, seasonings, desserts and cooking ingredients.
Commenting on the move, Kraft Heinz Australia and New Zealand CEO Bruno Lino said: “The transaction provides an exciting opportunity for Kraft Heinz to expand its portfolio into complementary categories, stretching the footprint of Cerebos’ brands into new categories and markets. In addition to the iconic local brands, Cerebos has a strong team that will play an important role in our future growth. This transaction reinforces our commitment and long-term plan to the Australia and New Zealand markets in addition to our significant investment in the Kraft brand for 2018”.
Source: Retail World