Bright Food plans global IPOs
Bright Food is planning a series of international IPOs, including potential major listings in HK and London.
Hot Topic
EARNINGS
China’s biggest investor in the New Zealand food industry, Bright Food, is planning a series of international IPOs, including potential major listings in Hong Kong and London.
They centre on two of Bright’s major acquisitions in the UK and Australia – the Weetabix breakfast cereal business and Manassen Foods. Bright bought 60% of the UK’s Weetabix in 2012 for about £1.2 billion and 75% of Australia’s Manassen a year earlier for $A530 million.
Bright’s biggest investment here, Synlait Milk, is already a listed company. In another international buy, Bright is seeking 56% of Israeli dairy firm Tnuva if and when it closes its $US2.5 billion deal announced in May.
Details of the IPOs are sketchy but Shanghai-based Doug Young’s China business blog says they could occur by 2016, based on information from one of the company’s vice presidents, Gu Junjie.
He says the company will maintain control of any units that make separate IPOs but has declined to give any specific fund-raising targets.
“… re-listing the firms in their home markets would allow regional investors to buy into these well-known local brands,” Mr Young writes, adding that they would also be listed in Hong Kong and Shanghai.
“That would help to raise its profile, which is important for a consumer company, and also give it access to global capital markets to fund its international expansion.”
In its most recent deal, Bright Food says it’s buying a majority stake in Italian olive oil maker Salov Group.
The size of the stake and the purchase price wasn’t disclosed. Salov sells brands such as Sagra and Filippo Berio.
Nevil Gibson for NBR Food Industry Week
Mon, 17 Nov 2014
Mon, 17 Nov 2014
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Bright Food plans global IPOs
43161