Exponent Private Equity has agreed to sell Quorn Foods to Philippines group Monde Nissin in a deal worth £550m.
Monde Nissin is a leading branded consumer goods company in the Philippines. They are building a global branded food business focused on health and sustainability.
Simon Davidson, partner at Exponent, said: “Under Exponent’s ownership Quorn has been transformed into a fast-growing global health brand. 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 international business.”
Quorn has a market leading position in 15 countries, and 2014 sales were £150.3m. The company will continue to operate from Stokesley, North Yorkshire.
The deal is expected to complete by 30 October.
Quorn Foods has around 620 employees on three UK sites and internationally. It also has plants at Methwold in Norfolk, Frankfurt, Germany, and Chicago,in the US.
Monde Nissin chief executive Henry Soesanto said: “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… We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly.”
Exponent Private Equity acquired Quorn from Premier Foods in 2011. It put Quorn up for sale this month, reportedly attracting interest from Danone, Kerry Group, McCain Foods, Alpro owner WhiteWave Foods and South Korea’s Pulmuone.