| Decision number | 200610060 |
|---|---|
| Application number | 200610016 |
| Date | 23 May 2006 |
| Offeror/applicant | Pacific Equity Partners Fund II/III managed by Pacific Equity Partners Pty Limited |
| Ultimate applicant beneficial ownership | 64.8 percent - United States of America, United States Public 18.9 percent - Australia, Australian Public 9.75 percent - United Kingdom, United Kingdom Public 6.55 percent - Various, Various overseas persons |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Danone Asia Pte Limited 96.78 percent - France, Groupe Danone 3.22 percent - Various, Unknown Overseas Persons |
| Business activities | Manufacturing - Food, Beverage & Tobacco |
| Details of land involved | 8.6332 hectares of freehold situated at 75 Wainui Road, Lower Hutt, Wellington being CTs WN465/182, WN458/158, WN490/14, and WN491/31 (Wellington Registry). |
| Regions involved | Various Wellington |
| Total consideration | $340,000,000 |
| Consent sought | To acquire rights and interests in up to 100 percent of the shares of Griffins Foods Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Pacific Equity Partners Pty Limited (PEP) on behalf of Pacific Equity Partners Fund II and Pacific Equity Partners Fund III (Fund II and Fund III) proposes to acquire up to 100 percent of the shares of Griffins Foods Limited (Griffins). NZ Snack Food Holdings Limited has been incorporated by PEP to complete the acquisition. Griffins manufacture and market a portfolio of branded and unbranded consumer products including biscuits, crackers and savoury snacks primarily for the New Zealand market. The Applicant proposes to acquire Griffins because it provides an opportunity to utilise PEP's management expertise, capital resources and understanding of financial structuring to improve operating performance and create value. The proposal is likely to result in the following benefits:
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| Contact | David Flacks Bell Gully P O Box 4199 AUCKLAND |