Arnott’s Group has taken a controlling interest in Diver Foods as the second step in creating a cereal and snacks division under the new brand Good Food Partners.
In a deal to be closed later this month, Arnott’s Group has bought 75 per cent of the target company, with founder Chris Diver to retain the balance.
The acquisition follows Arnott’s purchase of Freedom Foods, which was agreed in December and is expected to complete in March whereafter it will form part of the new business unit with Diver Foods.
“Diver Foods presents a fantastic strategic growth opportunity for us, with products and capability that will complement our existing brands while helping to diversify our iconic product portfolio and drive our entry into new categories,” said Arnott’s Group CEO George Zoghbi.
“We are currently working closely with Chris on how best to integrate their operations into The Arnott’s Group family and look forward to sharing more detail about these exciting plans when they are finalised.”
Chris Diver says the 18-year-old company has worked with a number of leading Australian brands to become one of the country’s largest cereal and snacking manufacturers.
“We see huge potential for the future and are excited at the prospect of joining with a business like The Arnott’s Group that has similar values and strong Australian heritage,” he said.
“Together, we will remain focused on quality, local ingredients, investing in sustainable supply chains and partnering with the communities in which we operate.”