Bright to buy Israel鈥檚 largest food entity
Print Edition
CHINA’S Bright Food Group Co has struck a deal to buy control of Israel’s largest food company, gaining new products and technology as it chases rivals that have overtaken it in China’s fast growing cheese and dairy markets.
State-owned Bright Food said yesterday that it would buy 56 percent of dairy firm Tnuva from private equity house Apax under the terms of a preliminary accord.
Bright Food did not disclose the sum, but Israel’s Mivtach Shamir Holdings, another major shareholder in Tnuva, said the deal valued all of the dairy company at about US$2.5 billion, up from US$1 billion when Apax and Mivtach took control in 2008.
The deal, the latest in a multi-billion dollar overseas acquisition spree by Bright Food, will give the Chinese firm access to new cheese products and the Israeli firm’s technological know-how in dairy production, trade sources and analysts said.
Best known for its cottage cheese, Tel Aviv-based Tnuva had 2013 revenue of 7.17 billion shekels (US$2.05 billion) from the sale of a range of cheeses, as well as milk, yoghurt, meat and eggs.
The investment comes as increasingly affluent Chinese consumers opt to pay more for imported goods in the wake of safety scandals in local food supply chains, attracting the attention of global food giants as well as China’s producers.
The Chinese cheese market will be worth 2.7 billion yuan (US$433 million) this year, doubling to 5.3 billion yuan by 2018, according to consultancy Euromonitor.
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