Quorn snapped up by Filipino company for £550M

The meat alternatives business will continue to operate from North Yorkshire after the sale agreed by current owners Exponent Private Equity and Intermediate Capital Group.

Monde Nissin, the company behind instant noodle giant Lucky Me!, believed the acquisition would help it to create a global business focused on health and sustainability.

Quorn chief executive Kevin Brennan said the sale, due to be completed on October 30, fitted with its plan to become the world leader in meat alternatives.

‘Great step forwards’

“Monde Nissin Corporation’s purchase represents a great step forwards in this ambition; they share our belief in the potential of Quorn, and provide capability to expand the brand into Asia,” he said.

The agreed sale came after speculation linked Quorn to acquisition firm Nomad Foods, chip giant McCain Foods and US food firms WhiteWave and Pinnacle.

Earlier this year the Filipino company acquired Australian juice maker Nudie, chilled dips firm Black Swan and food marketing and distribution company Menora Foods. 

Monde Nissin ceo Henry Soesanto said: “Monde Nissin have been investing in ‘on-trend, better for you’ products internationally in line with our strategy to become a global diversified food company.

‘Important new leg’

“Quorn represents an important new leg in our offering. We are excited by the growth potential of the global meat alternatives market, which complements our strategy perfectly.”

Manufacturing giant Premier Foods sold Quorn to Exponent and Intermediate Capital Group in a deal worth £205M in 2011.

Exponent partner Chris Graham said: “The last five years has seen Quorn help take a staggering 60bn calories out of diets and had a greenhouse gas benefit equal to 65,000 cars not being on the road.

“Under Monde Nissin’s ownership I am confident it will go on to have a profound impact on both health and sustainability.”

Quorn recently invested £30M in capacity in Teesside as part of international expansion plans, which was expected to create more jobs in the area.

The mycoprotein manufacturer uses fermented fungus and sugar to produce meat­-free mince, nuggets, burgers and sausages in 16 countries. Sales exceeded £150M in 2014.

Exponent partner Simon Davidson said: “Our partnership with the superb management team, led by Kevin Brennan, has created one of the UK’s fastest growing food brands as well as a rapidly growing international business.”