Bright Food signals long-term investment in Australian food sector

Bright Food Group has completed its acquisition of a 75% equity stake in Food Holdings Pty Ltd (Manassen Foods) and signalled its commitment to the Australian food industry by opening a permanent office in Sydney.

Under the agreement, Bright Food acquired a 75% equity stake in Manassen Food. The remaining 25% equity will be retained by current shareholders, including Roy Manassen. The principal shareholder of Bright Food is the state-owned assets management authority, under the Shanghai Municipal Government.

The acquisition joins one of the largest food companies in the world with one of Australia’s largest food companies. Approvals were granted by both Australian and Chinese regulatory agencies, including approvals from the National Development and Reform Commission (NDRC) and the State Administration of Foreign Exchange (SAFE) in China.

Bright Food has an extensive network of production, distribution and retail stores, as well as large farms, dairy farms and tea plantations across China, including the Shanghai Sugar, Cigarette and Wine Group, First Food and Shanghai Jinfeng Wine (producer of Shikumen and He brand rice wine). It has an established nationwide network for food production, distribution logistics and retailing businesses and trading arrangements with many well-known multinational companies.

Deputy Chairman of Bright Food Ge Junjie said:

“We are committed to building our presence in Australia and we are focused on achieving synergies between our business in China and our new business in Australia.

“As one of the largest food companies in the world, Bright Food is fully committed to working in partnership with Australian growers, suppliers, customers and the shareholders and the management team of Manassen Foods.”

Mr Ge said the partnership provided growth opportunities for both companies and countries and the opening of a permanent Bright Food office in Sydney was a clear commitment to its long-term investment in the Australian food sector.

“I believe the relationship between the two countries will continue to grow in a way that is mutually beneficial for both our countries and our companies,” he said. “Our commitment to the Australian market is reinforced by our decision to have a permanent office in Sydney to represent Bright Food.

“Bright Food wants to become a leading China-based global food company and this historic cooperation with Manassen provides major export benefits for Australian producers while expanding the international footprint of Bright Food. Bright Food will continue to evaluate growth opportunities in areas such as sugar, wine and dairy,” said Mr Ge.

Bright Food recently hosted the senior management from Manassen Foods on a fact-finding tour in China so they could better understand the needs of Chinese consumers.

“This transaction represents a step change for Manassen Foods as it brings value and real upside for us into China and the Asian region,” said Manassen CEO Geoff Erby.

“Our visit brought home the sophistication of the Chinese consumer, the competitiveness of their market - as every food exporting country is active, and the importance of having a company like Bright to promote Australian produce,” he said.

Manassen Foods’ portfolio consists of over 70 local and international retail brands, includes Sunbeam, Trident, Angas Park, Golden Days and S&W. Its principal partner brands include Castello, Fromageries Bel, Sharwoods, McVities and Ryvita.