Filipino food powerhouse Monde Nissin Corporation’s acquisition of Australian dip producer Black Swan was worth $115 million.
While the sale of Australia’s third-largest dip brand was confirmed last month, further details about the value of the now completed sale were revealed this week.
A document seen by SmartCompany indicates the deal is valued at $115 million, although Monde Nissin’s actual consideration for the Black Swan business is undisclosed. The value of the deal is more than double the price tag of $50 million reported by The Australian in June.
The sale includes Black Swan’s manufacturing plant in Clayton, Melbourne, as well as full control of the manufacturer’s 70-plus product line and distribution agreements with major supermarket chains.
The document also indicates all 70 Black Swan employees will continue in their current positions.
Deloitte acted as financial adviser to Black Swan, with DLA Piper providing legal advice. Monde Nissin was advised by Zadar Capital and King & Wood Mallesons.
As previously reported by SmartCompany, Black Swan had been on the market since January, following a family dispute which landed the company in the hands of receivers Deloitte in June 2013.
A spokesperson for the company told SmartCompany last month the sale to Monde Nissin was a good move for the family business.
Black Swan was established in the 1980s by Christos Saristavros, who built the business on his passion for creating fish-flavoured dip tarama and hummus dips. Saristavros, who was fatally shot in 2000 after attending a charity function, first sold the dips at the South Melbourne markets.
The company, which was previously owned by Melbourne-based business Poseidon Tarama, now creates 20 million tubs of dips, as well as a range of yoghurt products, for the Australian market each year.
The acquisition continues the tradition of family ownership for Black Swan, with Monde Nissin also a family-owned corporation.
Entrepreneur Betty Ang is the driving force behind Monde Nissin, which regularly appears in lists of the top 100 companies in the Philippines. Ang, who founded the company in the early 1980s and now serves as its president, is the 23rd richest person in the Philippines, with a net worth of $600 million as of July 2013, according to Forbes.
Monde Nissin specialises in biscuits and instant noodles, including the Lucky Me!, Monde and M.Y. San brands.
This is believed to be its first foray into the Australian food manufacturing market. The company also has a significant presence in Thailand.