PEP expands in Oceania food with $355m Allied Mills purchase –

Oceania’s largest private equity group, Pacific Equity
Partners, tightened its grip on the region’s food industry with the $345m acquisition
of top-ranked miller Allied Mills from Cargill and GrainCorp.

Pacific Equity Partners – the buyout group founded in 1998
by three former Bain executives and Paul McCullagh from Salomon Brothers – agreed
to pay Aus$455m including debt for the Allied Mills, the region’s largest flour
miller, four months after closing its last food sector deal.

PEP in September completed the Aus$307m purchase of Australian
pie-maker Patties Foods, extending the private equity firm, which also has education
and financial services assets, into a food sector in which it already owned
Pinnacle Bakery and Manuka Health.

It is a sector in which Sydney-based PEP has built up
expertise through previous successful investments, including New…

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