Meat-free food brand Quorn has been sold to Filipino food company Monde Nissin for £550m, less than a month after its previous owners put it up for sale.
Exponent Private Equity was believed to be seeking a sale price of £500m after Quorn enjoyed its strongest year of sales growth in the brand’s history, FoodBev reported at the beginning of September, with the auction reportedly attracting interest from Danone and McCain.
Quorn expects to be able to increase the number of people employed across its production sites and expand into new markets as a result of the deal, the BBC reported yesterday.
Quorn chief executive Kevin Brennan said: “We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn business. Monde Nissin… provides the capability to expand the brand into Asia.”
Based south of Manila, Monde Nissin is involved in the manufacture of store cupboard food products such as noodles, biscuits and snacks.
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