Nissin buys Quorn for $833m
LONDON—Philippines-based consumer goods company Monde Nissin Corp. has bought British meat-alternative food producer Quorn for £550 million as it looks to grow sales across Asia, the pair announced Thursday.
Investment firms Exponent and Intermediate Capital announced in a statement that they have agreed to sell Quorn to Monde Nissin for the equivalent of $833 million or 743 million euros.
Quorn, which makes its meat alternatives using a fermentation process, enjoyed sales of £150.3 million in 2014 across a number of countries.
“We have an ambition to be the world leader in meat alternatives, ultimately creating a $1.0-billion business,” said Quorn chief executive Kevin Brennan.
“Monde Nissin Corporation’s purchase represents a great step forwards in this ambition; they share our belief in the potential of Quorn, and provide capability to expand the brand into Asia.”