Tuesday, 6 September 2011

Erskine Park. Entry to Chinese market

The first priority of Bright Foods, China’s second-largest food company is to gain entry of Manassen Foods, based at Erskine Park, into the Chinese market, said chairman, Wang Zongnan, following Bright Foods’ acquisition of 75 per cent equity stake in Australia’s leading independent grocery importer. The deal, struck for an undisclosed sum but reported to value Manassen at about $530 million, is Bright Food's biggest foray outside China. The remaining 25 per cent shareholding in Manassen Foods will be retained by its current shareholders, including Roy Manassen, CHAMP Private Equity funds management, and members of the current senior management team.



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