d snackfood company Griffin’s is being bought by Universal Robina Corp. of the Philippines for NZ$700 million ($609 million).Universal Robina will pay NZ$100 million immediately and the balance on completion of the transaction, which is subject to approval by New Zealand’s Overseas Investment Office, Manila-based Robina said in a statement today. Griffin’s is owned by Pacific Equity Partners, an Australian private equity fund manager.
Founded in 1864, Griffin’s makes popular biscuits such as Gingernuts and MallowPuffs and has sales of more than NZ$300 million a year, according to its website. The sale “is the logical next step” as it focuses on expanding export opportunities and taking its products to new markets, it said in a statement.
Robina said Griffin’s is a “natural strategic fit to our existing snack foods portfolio given its strong brand heritage in New Zealand, a country trusted worldwide in having high credibility when it comes to food quality, safety and authenticity.”
