China’s Bright Food Group Co. Ltd is in agreement with private equity firm Apax Partners LLP to buy its 56% controlling interest in Tnuva, Israel’s biggest food company for $960 million. Chinese companies are making overseas acquisitions to meet the growing domestic demand for a broader range of high-quality foreign-brand foods. Tnuva owns seven of the top 10 most widely known food brands in Israel and accounts for over 14% of supermarket shelf space in the country. The deal between Bright Foods and Apax places a value of $2.5 billion on Tnuva which was formed over 80 years ago as an agricultural cooperative of 620 farming communities across Israel. In 2012 Bright Foods also bought a 60% stake in British cereal maker Weetabix Ltd.
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