. .
The Australian Financial Report reported that the publicly traded company sold this deal for approximately $ 30 million. AUD ($ 22) is « close to spin-off ». 7m) to New York-based private equity firm KKR.
In a today (16. December) on the Australian Stock Exchange (ASX), Freedom Foods said it had made « progress » on its recapitalization plan by « evaluating » « options » for its cereals and snacks division, which consists of Messy Monkeys and Arnold’s Farm brands.
The company, which also makes fresh milk, milk beverages and plant-based drinks, had a difficult six months.
The company has been conducting an account review since August. In an interview with analysts on 25. It was advised on June that the possibility of fraudulent activity after posting depreciation after senior executives was being examined.
The company has held talks with donors to get the business done with an injection of at least 200 million. Recapitalize AUD.
An update on the progress of those talks was scheduled for this month, but in its statement to ASX today, Freedom Foods said it has been pushed back.
« The company has made good progress in this regard and is still in advanced discussions with a new investor to support the capital and operational turnaround of the business. It is likely that there will be a capital raising update in January 2021, ”it said.
They « remain on voluntary suspension until they announce their proposed recapitalization, » Freedom Foods said.
Last month it was reported that the company had been working with a number of financiers in connection with its recapitalization proposals.
Australian media said they understood that the group’s backers would be offering cash in exchange for an interest-bearing loan and possibly an interest in the future.
The company announced in June that it had hired professional firms Ashurst and PwC to assist with internal investigations into possible fraudulent activity.
just-food contacted KKR asking for confirmation from Australian media reports. A spokesman said: « We cannot comment on market speculation. «
The private equity firm already owns groceries in Australia. Last year it was bought by the Arnott’s grocery group from the US corporation Campbell Soup Co. .
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World News – AU – Freedom Foods ‘is about to sell its grain and snacks division to KKR’
Ref: https://www.just-food.com
