Sara Lee Australia finds new owner | 2021-08-25 (2024)
CHRISTCHURCH, NEW ZEALAND — New Zealand-based investor group South Island Office (SIO) has reached an agreement to acquire the Sara Lee desserts and baked foods business in Australia from McCain Foods (Aust) Pty. Ltd. Financial terms of the transaction, which is part of a partial management buyout with Sara Lee’s existing managing director, were not disclosed.
Once completed, the transaction will combine Sara Lee with Christchurch-based baking company Original Foods Baking Co., which SIO acquired in February.
McCain acquired the Sara Lee business from Hillshire Brands Co. in 2013 for approximately $85 million. At the time, the move was described as a way for McCain to expand its range of products across desserts, meals and snacking occasions. As part of its strategy to grow the Sara Lee business, McCain named Mark Mackaness as a dedicated general manager in 2019 to build standalone business capability, operating independently from McCain and allowing for a relatively seamless transition of the business. Then, in October 2020, McCain hired an investment banker to auction the Sara Lee business.
Following SIO’s acquisition of Sara Lee, Mr. Mackaness will become an equity partner and group chief executive officer. Sara Lee’s leadership team will be staying with the business, allowing for continuity for teams, customers and suppliers, SIO said.
“Sara Lee is almost entirely complementary to Original Foods Baking Co.,” Mr. Mackaness said. “Original Foods Baking Co. is already branching out to Australia and beyond with its range of brownies, slices, bites and more. At Sara Lee, we have built an iconic Australian bakery brand, and our quality ice cream, cheesecakes, apple pies, danishes and puddings have been a household favorite in Australia and New Zealand for 50 years.
“This partnership allows both businesses to gain exposure to new channels and markets as we have different strengths in retail and foodservice in Australia and New Zealand. Sara Lee marked our 50th birthday in June, and Original Foods Baking Co. celebrated its 30 years in the same month, so it seems we have been aligned in our love of baking for many years. Our teams are a natural fit.
“Since 2013, McCain has invested more than A$40 million in Sara Lee’s product innovation and infrastructure to create a successful, well-run business that is prepared for growth and future, so we will look to continue to innovate and maintain our growth journey from day one. I am excited and confident about the future of Sara Lee with Original Foods Baking Co. We will continue to run independently, employing locally and offering customers the same quality range. As such, while we’re not looking for immediate ‘synergies’ — our businesses complement each other perfectly, so we’ll be looking for opportunities to partner for ongoing growth.”
Mr. Mackaness said the Sara Lee plant in Lisarow, New South Wales, was built in 1971 beside orchards, where it used to source oranges for the famous Sara Lee Orange cake. Today, Sara Lee still sources 90% of its ingredients locally, while also employing 220 people from the region.
“The future is bright for Sara Lee,” Mr. Mackaness said. “Uniting two great baking businesses that will work together to grow into Australia and New Zealand’s premier frozen baked goods supplier is genuinely exciting. We will be investing back behind the Sara Lee brand to continue to give Aussie and Kiwi consumers the great classics they love, with a lot of new products to come as well. Importantly, Sara Lee has been very much a sweet part of the Central Coast food manufacturing landscape for 50 years at the Lisarow bakery, and we look forward to this continuing well into the future.”
It had operations in more than 40 countries and sold its products in over 180 countries. Its international operations were headquartered in Utrecht, The Netherlands. As of 2020 the Sara Lee brand is owned by Kohlberg & Company, making frozen cakes, etc.
https://en.wikipedia.org › wiki › Sara_Lee_Corporation
has been acquired by a private company owned by Klark and Brooke Quinn, saving some 200 jobs. Mr Quinn is the owner of the acquiring entity – set up by his parents Tony and Christina – and runs the business with his partner Brooke.
In short: Klark and Brooke Quinn have taken over the Sara Lee factory on the NSW Central Coast. Sara Lee went into voluntary administration last October, owing millions of dollars. What's next? The new owners will look at the business model and consider how to secure the company's future.
The future of Australian dessert maker Sara Lee has been secured, with the iconic company being bought after going into administration late last year. The popular frozen dessert manufacturer went into voluntary administration in October, putting the jobs of around 200 people at risk.
Iconic Australian dessert brand Sara Lee has been sold after entering voluntary administration last year. Sara Lee's administrators at FTI Consulting announced on Monday that the brand, which employs more than 200 people in Australia, has been sold to a private company owned by Klark and Brooke Quinn.
Son of pet food magnate Tony, Mr Quinn, 32, has had experience in the Australian confectionary industry and has now bought Sara Lee after it went into administration in October last year.
Kohlberg & Company completes purchase of Sara Lee® Frozen Bakery, Van's®, Chef Pierre® and Bistro Collection® from Tyson Foods. Bakery will focus on its iconic Sara Lee®, Van's®, Chef Pierre® and Bistro Collection® brands, especially in the fast-growing premium dessert food service market.
Who owns Sara Lee Australia? McCain Foods, who bought Sara Lee Australia in 2013, sold the company to New Zealand investment company South Island Office in 2021. After collapsing into voluntary administration in October 2023, the business was then purchased by the Quinn family in January 2024.
The Australian confectionary company Sara Lee – best known for its frozen cheesecakes, crumbles and ice-cream – has gone into voluntary administration. The beloved dessert brand has appointed FTI Consulting to either sell or restructure the business.
South Island Office bought Sara Lee in 2021, largely debt-funded by NZGT. The administrators attributed the company's failure to not having enough cash to respond to its liquidity challenges through cutting cuts and increasing revenue.
Administrators FTI Consulting said Sara Lee has been acquired by a private company owned by Klark and Brooke Quinn, saving some 200 jobs. Mr Quinn is the owner of the acquiring entity – set up by his parents Tony and Christina – and runs the business with his partner Brooke.
Sara Lee has been saved from collapse thanks to a couple who have made it their business to rescue iconic brands that have lost their way. Klark and Brooke Quinn rescued the dessert company after it was taken over by administrators last year, weighed down by $55 million debt.
With a huge amount of joy and pride, we announce that we are now the custodians of the Iconic Australian brand, Sara Lee. We have been in food manufacturing in Australia for decades, and we both have a real passion for high quality products and innovation.
Located in Michigan's robust fruit belt and the Cherry Capital of the World, the Chef Pierre bakery was formerly the Atlantic Pie Company, founded in 1922 by Chris Dendrinos, a Greek immigrant. In 1988, Chef Pierre merged with Kitchens of Sara Lee and is now the No. 1 brand of foodservice pie.
The Quinns established VIP Petfoods and successfully acquired Darrell Lea in 2012. More than 200 Australians who are employed by Sara Lee have their jobs secured. The new owners of embattled Aussie confectionary brand Sara Lee say they are confident the public will help the iconic company survive.
Grupo Bimbo completed the acquisition of Sara Lee's North American Fresh Bakery business, doubling the size of Bimbo Bakeries USA and expanding its footprint across the entire country.
Sara Lee Corporation divested itself of Coach first, by selling 19.5% of their shares of Coach at the Coach IPO in October 2000, followed in April 2001, with the distribution of their remaining shares to Sara Lee's stockholders through an exchange offer.
In 2013, McCain Foods (Aust) Pty Ltd acquired Kitchens of Sara Lee Pty Ltd, further growing its portfolio of products with the addition of bakery, frozen desserts and ice cream.
Sara Foods is a small family owned pure vegetarian Indian frozen foods company based in the heart of Leicester. Established by Sunil and Varsha Radia in 1998, it has grown from it's modest beginnings to the well known brand that it is known today.
Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.
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