BDO Unibank Inc., the country’s largest lender, said it played a major role in financing the $831-million acquisition of the United Kingdom-based meat substitute business by Philippine noodle manufacturer Monde Nissin.
BDO said it was upbeat on the growth prospects of Monde Nissin in the international market, after its acquisition of Quorn Foods.
“Monde Nissin’s acquisition of Quorn Foods will boost the company’s sales further and expand its presence globally,” BDO executive vice president Edmundo Soriano said in a statement Monday.
“Its acquisition bid, which bested some of the leading global food giants, is a strong indication that domestic companies adhering to international best practices can very much compete in the global arena,” Soriano said.
Monde Nissin is one of the leading food consumer goods companies in the Philippines. Quorn, on the other hand, is an international meat substitute business, with market leading position in 15 countries.
Quorn was put up for auction in September and attracted interest from global food companies, including Danone and chip giant McCain. Quorn, a meat substitute made from fungus, is produced in North Yorkshire.
Quorn Foods has around 620 employees on three UK sites and internationally: Stokesley in North Yorkshire, Billingham on Teesside and Methwold in Norfolk, as well as Frankfurt in Germany and Chicago in the US.
Available information on its Web site showed that Monde Nissin was originally incorporated as Monde Denmark Nissin Biscuit Corp. in 1979.
Monde Nissin started manufacturing biscuits in 1980. Among its first products were Nissin Butter Coconut and Nissin Wafer.
The company ventured into the instant noodle segment with Lucky Me! in 1989. It launched instant mami, noodle with soup in pouches, in beef and chicken variants. Eventually, these became the fastest selling products.
Kantar Worldpanel, in its brand footprint report, cited Lucky Me! in 2014 as the most chosen and purchased consumer brand in the Philippines, reaching almost all Filipino households
Apart from developing homegrown brands, Monde Nissin led acquisitions and forged business partnerships, leading to the diversification of its product lines and extended reach in the international market.