MANILA, Philippines - Sy-led BDO Unibank, Inc., the country’s largest bank, is bullish about the global expansion of the Philippines’ leading consumer goods maker Monde Nissin Corp. with its recent acquisition of British meat substitute company Quorn Foods.
BDO executive vice president Edmundo Soriano said the bank, owned by retail and banking magnate Henry Sy Sr., played a major role in the $831 million deal to acquire Quorn Foods, making Monde Nissin a strong global player.
“Monde Nissin’s acquisition of Quorn Foods will boost the company’s sales further and expand its presence globally,” Soriano said.
Monde Nissin has agreed to purchase Quorn Foods from Exponent Private Equity and Intermediate Capital Group. Monde Nissin is building a global branded food business, diversifying into categories that focus on health and sustainability.
“Its acquisition bid, which bested some of the leading global food giants, is a strong indication that domestic companies adhering to international best practices can very much compete in the global arena.”
Monde Nissin chief executive officer Henry Soesanto said the company has been investing in on-trend, better-for-you products internationally, in-line with its strategy to become a global, diversified food company.
“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,” he said.
Products of Monde Nissin include instant noodles under the Lucky Me brand as well as baked goods and biscuits under the Monde, Nissin, Voice, and Bingo brands. Its affiliations include MY San Biscuits, Mama Sita, and Dutch Mill milk, yoghurt, and real fruit juice.
“We have an ambition to be the world leader in meat alternatives. Monde Nissin’s purchase represents a great step forward in this ambition. They share our belief in the potential of Quorn, and provide capability to expand the brand into Asia,” Quorn chief executive Kevin Brennan added.
Quorn is an international meat substitute business, with market leading position in 15 countries. It employs 620 workers in three UK sites, in Germany, and in the US.
Quorn recently acquired Black Swan chilled dips and Nudie chilled juices in Australia.
BDO is the largest bank in the country with assets amounting toP1.83 trillion, deposits at P1.49 trillion, and loans at P1.2 trillion.