Food

Arnott’s acquisitions to lead to new business unit: Good Food Partners | 2021-02-09

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SYDNEY, AUSTRALIA — The Arnott’s Group has signed an agreement to acquire 75% of Diver Foods, an Australian maker of cereals and snacks. Chris Diver, owner and managing director of Diver Foods, will continue to own 25% of the business. Financial terms of the transaction were not disclosed.

Once the deal is finalized Arnott’s said it plans to combine Diver Foods with Freedom Foods to launch a new business division: Good Food Partners. Arnott’s agreed to acquire the cereal and snacks business of Freedom Foods in December 2020. As part of that transaction, Arnott’s will acquire cereal and snacks manufacturing facilities in Leeton and Darlington Point in New South Wales and in Dandenong in Victoria, as well as all brands associated with the business, including Freedom Foods, Messy Monkeys, Heritage Mill, Arnold’s Farm and Barley+. The transaction does not include the Crankt Protein brand.

“The Arnott’s Group has become the custodian of a 150-plus-year legacy of Australian food manufacturing, and we have made no secret of our desire to build on that legacy by expanding our operations locally,” said George Zoghbi, chief executive officer of The Arnott’s Group. “Diver Foods presents a fantastic strategic growth opportunity for us, with products and capability that will complement our existing brands while helping to diversify our iconic product portfolio and drive our entry into new categories.

“Our intention is to create a new cereal and snacks division that will bring the Diver Foods and Freedom Foods businesses together when the transactions are complete.

“We are currently working closely with Chris on how best to integrate their operations into The Arnott’s Group family and look forward to sharing more detail about these exciting plans when they are finalized.”

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