Thursday, April 25, 2024

Darrell Lea business sold for $200 million

Quadrant Private Equity this week confirmed it had bought the confectionery business from the Quinn family, and said it had plans to expand the brand’s reach in Australia and overseas.

Best known for its liquorice and Rocklea Road products, the iconic Darrell Lea brand has been around for more than 90 years. The company owns two manufacturing sites in Australia, and employs 200 workers.

However, it has not been smooth sailing for the Australian business, which entered into voluntary administration in 2012 before it was acquired by Tony and Christina Quinn. At the time, the Quinn family also owned VIP Pet Foods (since rebranded as Real Pet Foods). The Quinns sold their stake in the pet-food brand to Quadrant in mid-2015 for $410 million, and it has since been on-sold to a Chinese-led consortium for $1 billion.

The Quinn family told media that it sold an 80-90 per cent stake in Darrell Lea to Quadrant, with the sale to be finalised on January 31.

Mr Quinn also confirmed his family would retain a minority stake, and that he would stay on as a “silent investor”.

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