LOCAL food group Monde Nissin Corp. has completed the $831-million acquisition of UK-based meat substitute producer Quorn Foods as part of its bid to build a global food portfolio.
“Monde Nissin’s acquisition of Quorn Foods will boost the company’s sales further and expand its presence globally,” said Edmundo Soriano, executive vice president of Banco de Oro Unibank which helped fund the acquisition along with Bank of the Philippine Islands and Metropolitan Bank and Trust Co.
“Its acquisition bid, which bested some of the leading global food giants, is a strong indication that domestic companies adhering to international best practices can very much compete in the global arena,” Soriano said in a press statement on Monday.
Quorn sells “healthy protein” using mycoprotein meat substitute which is sold as ready-to-eat meals or in products that replicate burgers, sausages or chicken fillets. It has a market leading position in 15 countries, employing 620 employees in three UK sites, in Germany and in the United States.
The offshore acquisition was completed by Monde Nissin on Oct. 30, marking Monde Nissin’s diversification into categories that focus on health and sustainability. Quorn is seen as a great fit for this diversification strategy while this also complements its recent acquisition of Black Swan and Nudie, the leading brand of chilled dips and chilled juices in Australia, respectively.