UK-based meat-alternative company, Quorn Foods, has agreed to a sale to Philippines-based Monde Nissin for £550 Million. After being acquired by Exponent Private Equity from Premier Foods in 2011, Quorn was placed for sale by Exponent in September of this year, and was pursued by multiple buyers including Danone, WhiteWave Foods, Kerry Group, McCain Foods, and South Korea’s Pulmuone.

 

Food product manufacturer, Monde Nissin has reportedly purchased Quorn as part of its expansion strategy prior to a planned stock market listing in 2016. With a current value of £600 million, Nissin is expected to list in either London or New York in order to leverage the growing interest in the health food sector.

 

The acquisition will also compliment Nissin’s recent health food and beverage purchases made in Australia.

 

"Monde Nissin have been investing in on-trend, better-for-you products internationally in line with our strategy to become a global diversified food company,” said Henry Soesanto, chief executive, Monde Nissin. “Quorn represents an important new leg in our offering. We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly."

 

With plants in Norfolk, Frankfurt, and Chicago, Quorn produces meat-free burgers, nuggets, sausages, and mince with sales in 2014 equaling £150.3 million. Company CEO, Kevin Brennan, notes that this deal will support the company in expanding into Asian markets.

 

"We have an ambition to be the world leader in meat alternatives, ultimately creating a US$1bn business,” he says. “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." 

 

The deal, which is earning Exponent Private Equity more than double its initial investment of £205 million, is expected to be finalized by the end of October.