Australian biscuit maker snapped up by private equity

By Dominique Patton

- Last updated on GMT

Related tags: Marketing

Australian biscuit maker Paradise Food Industries has been acquired
by Sydney-based private equity firm Archer Capital for an
undisclosed sum.

The company, previously privately held, makes a range of biscuits under its own brand as well as for private-label contracts with retailers, and also produces cereal bars and crispbreads. It is the largest Australian biscuit maker but its market share falls far behind the Arnott's brand with a 53 per cent share of the A$945 million market in 2004. However biscuits and bars with a healthy positioning are growing strongly in Australia, with crackers and crispbreads growing by 12 per cent between 2003 and 2004, according to Leatherhead Food consultants. Archer partner Justin Punch said: "We invest in businesses with a strong market position, growth potential, strong cash flows and significant opportunities, who are usually ready for their next phase of development. Paradise fits the brief on all those measures."​ Archer has replaced former managing director Tim Wong by Jim Sybertsma, who previously worked at New Zealand Dairy Foods and DB Breweries. The Paradise head office will continue to be based in Brisbane. The Paradise brand held a 3 per cent share of the Australian biscuit market in 2004, just behind Weston's and Lanes with a 7 per cent share each, and Sakata with a 5 per cent share. Paradise Foods employs more than 750 people mainly at its Carole Park factory. Archer has around $750 million in funds under management and has previously been involved in John West Foods, Repco, Dome Coffees and Tasman Building Products.

Related topics: Business, Oceania, Bakery

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