Monde Nissin Pays Exponent PE $832M For Quorn Foods

Recent reports suggested Danone, McCain, Kerry Group and Nomad Foods were on growing list of firms that were preparing bids for Quorn.

The meat alternatives business will continue to operate from North Yorkshire after the sale agreed by current owners Exponent Private Equity and Intermediate Capital Group.

Quorn Foods aimed to benefit from a trend of consumers eating healthier food and less meat.

Quorn has a market leading position in 15 countries with sales in 2014 reaching £150.3m, buoyed by a multi-million pound advertising campaign featuring world champion Mo Farah.

The Telegraph reports that Monde Nissin has bought Quorn as part of its plan to bulk itself up ahead of a stock market listing next year and to tap into the growing enthusiasm for health food.

Exponent partner Simon Davidson said: “Our partnership with the superb management team, led by Kevin Brennan, has created one of the UK’s fastest growing food brands as well as a rapidly growing worldwide business”.

“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”.

Quorn Foods has around 620 employees on three United Kingdom sites and internationally: Stokesley in North Yorkshire, Billingham on Teesside and Methwold in Norfolk, as well as Frankfurt in Germany, and Chicago in the US.

Based south of Manila, Monde Nissin is involved in the manufacture of store cupboard food products such as noodles, biscuits and snacks.

“Quorn represents an important new leg in our offering”, said Monde Nissin’s chief executive, Henry Soesanto.

Quorn Foods claims that in the past five years it has cut 60 billion calories from consumers’ diets.

Monde Nissin is owned by Betty Ang, the Philippines’ 19th richest person, and is planning an IPO as early as 2016.

Quorn Foods recently invested £30m in capacity on Teesside to enable increased worldwide expansion, a move which is expected to create a raft of new jobs in the area. BDO, BPI and Metro Bank supported Monde Nissin in this transaction.