SALE OF ALLIED MILLS To Pacific Equity Partners (PEP)
Pacific Equity Partners (PEP), an Australian-based private equity firm, has reached agreement to acquire GrainCorp Ltd.’s 60% stake in Allied Mills Australia Pty Ltd. for A$190 million. PEP also reached agreement to acquire Cargill Australia’s 40% interest in the joint venture for approximately A$127 million.
Allied Mills will join Pinnacle Bakery & Integrated Ingredients as part of PEP’s portfolio. PEP acquired Pinnacle in May 2015, and the baked foods manufacturer makes and distributes finished baked foods such as muffins, cakes, donuts and slices, as well as frozen and unbaked products such as pastries, cookies, scones, sausage rolls, bagels and pastry shells.
Allied Mills has seven flour mills in Queensland, NSW, Victoria and Western Australia.
The deal is subject to regulatory approvals.
For further details see the article in World Grain: