Monde Nissin snaps up Menora, Betta sold to Prydes Confectionery

Philippine food group Monde Nissin Corporation snapped up its third Australian food and beverage manufacturer and wholesaler in six months late last week with the acquisition of food wholesaler and maker Menora Foods for an estimated $55 million. The company will trade as Monde Nissin Australia.

This follows from Monde Nissin’s acquisition of Black Swan last year and Nudie juices in January this year. The transaction is expected to occur by end March 2015.

Menora Foods, established in 1967, markets its own brands and other products such as Wattle Valley, Peckish, Bonne Maman, Maille, Chobani, Chia Pods, Cobram Estate, Huon, Kez’s Kitchen, and Saxby’s soft drinks.

Sam Schachna, managing director Menora Foods said: “After a thorough strategic review, we are pleased to announce that Monde Nissin Australia will acquire Menora Foods with the intention to build on the existing business and to continue its current growth trajectory.”

Executive vice president of Monde Nissin Corporation, Henry Soesanto, said that Monde Nissin aspires to be a significant foods and beverages player in the Asia Pacific region, and sees Australia as a very important market where it should have a strong presence.

And the voluntary Administrators of Betta Foods (Operations) Pty Ltd, Cor Cordis, has entered into a sale of asset agreement with Prydes Confectionery Holdings Pty Ltd for the purchase of the assets of Betta Foods.

The Melbourne-based confectionery products maker had annual sales of $30 million and employed around 150 people.

Cor Cordis managing partner Bruno Secatore said that remaining staff at Betta Foods would be made redundant, but would have the prospect of being employed by Prydes, which will begin operating the business later this month under a new structure.

Prydes is a NSW based confectioner that has been in operation since 2009. It is owned by Jose and Daniel Sanchez.

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