29 Jul 2011

Griffin's prepared for sale - report

7:55 am on 29 July 2011

Biscuit-maker Griffin's is being lined up for potential sale by its Australian-based private equity owners, reports say.

The Australian Financial Review reports that the company's owner, Pacific Equity Partners, has appointed two banks to conduct a strategic review.

Griffin's, which makes Chocolate Chippies and Gingernuts, also owns the ETA and Nice and Natural brands.

Food giant Kraft is touted as a potential buyer, as well as Goodman Fielder or other private equity funds.

Griffin's was established as Griffin & Sons in Nelson in 1895.

Pacific Equity Partners bought it in 2006 and closed the Lower Hutt factory two years later.

The firm made a net profit after tax of $16.2 million on revenues of $263.7 million for the year to December 2010.