Sunday, May 26, 2024

PEP’s Pinnacle acquires Allied Mills

Funds advised by Pacific Equity Partners (PEP) have reached an agreement with GrainCorp and Cargill to acquire their Allied Mills joint venture, which will be integrated with PEP’s Pinnacle Bakery and Integrated Ingredients business.

Allied Mills is claimed to be Australia’s leading manufacturer of flour, bakery premixes and specialty frozen par-baked bread products. With more than a century of flour milling and food ingredient manufacturing experience, Allied Mills annually buys and processes around 800,000 tonnes of wheat and specialty grains including maize, rye, triticale, organic hard, soft and noodle wheats.

Pinnacle has a leading position in the sweet bakery products and bakery ingredients market, manufacturing and distributing finished and unbaked goods such as cakes, pastries, cookies, muffins and donuts, as well as bakery ingredients such as fillings and fondants.

Both businesses service major supermarkets, food manufacturers and foodservice operators.

“Allied Mills has built a deserved reputation for innovative food solutions tailored to the changing needs of our customers,” Allied Mills Managing Director Joseph Di Leo said. “Our combination with Pinnacle will offer customers a one-stop shop across bread and sweet bakery products. It’s an exciting time for the sector and with PEP committed to investing in the combined company’s strategic assets, there is very solid growth potential.”

PEP says the combined group will become the leading player in frozen specialty baking, in-store baking and bakery ingredients with a compelling product range and service offering for all customers.

The transaction is expected to close within two to three months.

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