ARNOTT’S SNAPS UP KIWI CRACKER BRAND 180 DEGREES
Arnott’s, Australia’s largest biscuit manufacturer, has acquired 180 degrees, the New Zealand cracker firm, in the latest of a series of purchases.
The deal, which comes two decades after 180 degrees was founded, will help the Australian company to strengthen its position in the top end of the New Zealand food market, according to George Zoghbi, Arnott’s CEO.
“The acquisition allows us to invest in a rapidly growing market, and to continue to innovate by introducing new tastes and textures that complement our existing product range,” he said in a statement.
Jill Seton, 180 degrees’ co-founder, said in a statement that the company aimed to work with Arnott’s to “take the business to the next level”.
“It was important for us to partner with a company that shares our appreciation for legacy with a strong innovation approach,” she said.
In February Arnott’s bought a three-quarters share of Diver Foods, the Australian cereals and snacks producer, while in December it bought the cereals and snacks business of another Australian producer, Freedom Foods.
These two acquisitions are being combined by Arnott’s into a new division, Good Food Partners.
Arnott’s itself was the subject of a major deal in 2019, when it was sold by Campbell Soup Company to Kohlberg Kravis Roberts, a private equity company, for $3.2 billion (€2.6bn). It was one of a number of divisions sold by Campbell in order to reduce debt.