Australia’s largest chilled dip manufacturer and brand, Black Swan, has been sold to Monde Nissin Corporation.
The sale of the Black Swan was led by Deloitte restructuring services partners Sal Algeri and Simon Wallace-Smith, who were appointed receivers and managers over the business in June 2013.
Sal Algeri said all Black Swam employees at the time of the sale have transferred to Monde Nissin.
The sale was managed by Deloitte corporate finance partner Victoria Brilliant, who said “The sale reflects the continued growth and profitability of the business over recent years.”
“Black Swan has grown revenues by a compound annual growth rate of 12 per cent over the last two years to around $70 million in FY14. This reflects the hard work of the shareholders and current employees in building Black Swan into Australia’s leading chilled dip brand with approximately 30 per cent of the Australian chilled dip market.
“Monde Nissin is a great fit for Black Swan dips and they are very excited about becoming the new owner.”
Monde Nissin has been operating in South East Asia for over 30 years as a food manufacturer and supplier of branded products including instant noodles, biscuits and other snack foods. It has significant presence in both the Philippines and Thailand.
“The sale is indicative of strong interest in Australian dairy and FMCG businesses, particularly from international players,” Victoria Brilliant said.