Kerry Group sells Oz unit
Australia's Pacific Equity Partners (PEP) has agreed to buy Kerry Group's Pinnacle food manufacturing business in the region.
Pinnacle supplies baked goods and bakery ingredients to about 3,500 customers throughout Australisia, including supermarkets, food service outlets and bakery retailers. Its customers include supermarket chains Cole's and Woolworth's.
Pinnacle is being acquired by funds controlled by PEP and the transaction is expected to close in May.
The terms of the transaction were not disclosed.