The Sara Lee desserts business in Australia and New Zealand has been acquired by private company and saved some 200 jobs. The frozen-foods business entered administration in October. FTI Consulting expects to close the transaction in the coming weeks. “Sara Lee is an iconic brand and category leader. Staff and consumers have rallied behind the business during this tough time, and we are so grateful to the loyal workforce and management team who have made this process a success while they have continued to produce amazing products,” Strawbridge added.
The acquiring entities has rights to market Sara Lee’s products in South East Asia and the Middle East. They acquired the company that was in administration in 2012. The transaction includes Sara Lee’s New Zealand business. They also acquired stakes in another company, which later sold to Australia’s Quadrant Private Equity. The Quinn partners said in the statement: “We are a small Aussie family that shared in the tradition of having Sara Lee apple pie and vanilla ice-cream every Sunday night at the dinner table and could not be more proud to put the Aussie made and owned stamp on the Sara Lee brand.”
Sara Lee was established in Australia in 1971 and produces frozen cheesecakes, pies, crumbles, and ice cream. This acquisition comes after Canada-headquartered frozen potato products manufacturer McCain Foods sold the Sara Lee Australia and New Zealand operations in 2021. McCain Foods had originally acquired the business in 2012 from Hillshire Brands Co. before it was bought by US-based meat major Tyson Foods in 2014. Tyson Foods then sold the Sara Lee assets in the US to investor Kohlberg & Company in 2018, which remains the brand owner in North America.
“In addition to the staff, we would also like to thank all the suppliers who have continued to support the business and to the customers, who have been vital to the continuation of the business.”
