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.