CPE Capital (CPEC) has sold its 100% interest in Gourmet Food Group (GFG) to Mondelez International. The global packaged food business, which is listed on the NASDAQ with a market capitalisation of US$75 billion, purchased GFG for A$454 million.
In less than three years under our ownership, GFG grew EBITDA organically from A$17m to A$41m. This growth has come from the successful implementation of several initiatives, including:
- new product development and category expansion;
- doubling manufacturing capacity;
- doubling of employees, with several key operational and finance hires, including COO and CFO;
- significantly improved OH&S compliance procedures and financial reporting; and
- material reductions in energy emissions.
CPEC looks forward to watching the continued success of the Gourmet Food brands under the ownership of Mondelez International.