nestle-acquires-iconic-aussie-cereal-brands

Nestle acquires iconic Aussie cereal brands

Six months after floating Goodman Fielder, Burns Philp sells its cereals and snacks business to Nestle for A$890 million.
Iconic brands like Uncle TobyÆs and Vita Brits are now in the hands of Nestle and its US partner General Mills following a lengthy acquisition process that saw the buyer pay a multiple of 11.3 times earnings.

The assets have been bought from Burns Philp, an Australian company owned 54% by New Zealand entrepreneur Graeme Hart, as Hart offloads assets to pay down debt and boost his cash coffers.The last big sale from Burns Philp was the A$2.12 billion listing of Goodman Fielder in December last year.

At the time of the IPO, Hart decided not to include the cereals and snacks business in the offering and to seek strategic owners for these assets...
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