An exciting development in the bakery sector came across our desks yesterday as Mondelēz International has completed a strategic acquisition. The company has finalized its purchase of Gourmet Food Holdings, an Australia-based company with a strong position in the premium biscuit and cracker category. Terms of the transaction were not disclosed.
“This is a great strategic asset for us in a very important market,” said Dirk Van de Put, Chairman and CEO of Mondelēz International. “With our iconic biscuit brands such as Oreo and belVita, as well as our leadership in chocolate with Cadbury, this acquisition will accelerate our broader snacking leadership in Australia and New Zealand.”
According to a press release, Gourmet Food's brands, which include OB finest, Olina’s Bakehouse, and Crispbic, have become category leaders in the baking sector throughout Australia and New Zealand through on-trend innovations, including health and well-being offerings.
Oliver Flint, the current Chief Operating Officer, has been appointed as Gourmet Food's Managing Director, while Co-Founder and CEO Todd Wilson will remain with the business as an Advisor. Mondelēz International will provide Gourmet Food with resources to accelerate growth while leveraging its manufacturing, research, and development capabilities.
“With fast-growing premium and well-being products, strong customer relationships, and agile, local manufacturing, these brands will be a great complement to our local portfolio,” said Maurizio Brusadelli, EVP and President, Asia Pacific, Middle East, and Africa, Mondelēz International. “We are excited to welcome Oliver, Todd, and the entire Gourmet Food team to our organization.”
The transaction also includes Gourmet Food's prepackaged seafood business including the Ocean Blue brand. There are no closing conditions and the transaction is expected to close next month in April.
Does this acquisition spell out market domination for these two brands? Only time will tell, so stick with us.