The most valuable deal of the month was Monde Nissin’s £550m aquisition of meat-free alternative specialists, Quorn Foods. The north East based company – which is advertised by olympic gold medalist and world champion Mo Farah – has rapidly expanded in recent years, taking sales above £150m for the first time last year on the back of soaring exports. The business now has a amret leading position in 15 countries.
The new owners, Philippines-based Monde Nissin, is a leading branded consumer goods company which is building a global-branded food business focussed on health and sustainability.
Quorn’s chief executive, Kevin Brennan, said: “We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn 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.”
The company will continue to operate from its North bases.
Elsewhere, Caledonia Invetsments plc has agreed to acquire bingo-club operator Gala Bingo Holdings Ltd from Gala Coral Group, which agreed a £1.1bn merger deal with Ladbrokes in July. Gala is Britain’s largest retail bingo operator with 130 clubs and over 1.1 million active members. The £241m deal is pending regulatory approval.