China’s Bright Food Group Co has started work on an acquisition in Europe and sees more opportunities in the region to expand its rapidly growing international business, the vice president of the State-owned company said. The company, which bought British cereal brand Weetabix in 2012, has started due diligence on a “project” in Europe, which could be completed by July or August, Ge Junjie told Reuters. The deal, if completed, would be the latest in a multi-billion dollar overseas acquisition spree by Bright Food, reflecting the growing buying power of Chinese companies around the world and rising demand from Chinese consumers for higher value, international products…Full Article: The Global Times Mar 2015
- In 2014, overseas operations comprised 10% of Bright Food’s business and hopes to raise this figure to 25% by 2019.
- In 2011, Bright Food purchased a 75% stake (A$530 million or US$413.7 million) in Australia’s Manassen, a private food importer, processor and distributor that is based in New South Wales.
- In February 2014, Bright Food Group and Citigroup were investigating (e.g. due diligence) whether to purchase (US$2.55 billion) Israel’s Tnuva Food Industries, Israel’s largest food manufacturer and distributor.
- In May 2013, Ireland’s Glanbia (dairy company) signed a memorandum of understanding with Bright Foods Group to supply Avonmore milk to China.
- In November 2012, Bright Food Group purchased a 60% share of British Weetabix Food Company.
- Founded in 2006 and based in Shanghai, Bright Food Group is the second-largest China-based food manufacturing company measured by 2011 revenues. Bright Food and its subsidiaries make candy, cereal, dairy products, alcohol and canned meats.