The Arnott’s Group has agreed to acquire 75 per cent of cereal and snacks business Diver Foods as part of its plans to launch a new cereal division, Good Food Partners.
Chris Diver, the current owner and Managing Director of Diver Foods will continue to own 25 per cent of the business.
The acquisition complements The Arnott’s Group’s purchase of the cereal and snacks operations of Freedom Foods, which was agreed in December and is expected to be complete in March.
The Group is famous for its iconic biscuits, soups and juices. Cereal is a new division and The Arnott’s Group CEO George Zoghbi, says the acquisitions are part of an ambitious growth strategy.
“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 finalised.”
Diver agrees and says that the joining of businesses presents a great opportunity for Diver Foods.
“Over the last 18 years, Diver Foods has successfully partnered with an array of leading brands and retailers to become one of Australia’s largest cereal and snacking manufacturers.
“We see huge potential for the future and are excited at the prospect of joining with a business like The Arnott’s Group that has similar values and strong Australian heritage. Together, we will remain focused on quality, local ingredients, investing in sustainable supply chains and partnering with the communities in which we operate.”
Pictured: Arnotts CEO George Zoghbi