Arnott’s purchases will create Good Food Partners, a new business entity.
Australia’s Sydney — An agreement has been made by The Arnott’s Group to purchase 75% of Diver Foods, an Australian company that produces cereals and snacks. Owner and managing director of Diver Foods Chris Diver will retain a 25% ownership stake in the company. The transaction’s financial details were kept a secret.
Following the completion of the transaction, Arnott’s stated that it intends to merge Diver Foods and Freedom Foods to form a new company called Good Food Partners. In December 2020, Arnott’s agreed to buy the cereal and snack division of Freedom Foods. As part of that deal, Arnott’s will buy the manufacturing facilities for cereal and snacks in Leeton, Darlington Point, and Dandenong, Victoria, as well as all of the company’s brands, including Arnold’s Farm, Freedom Foods, Messy Monkeys, Heritage Mill, and Barley+. The Crankt Protein brand is not involved in this transaction.
According to George Zoghbi, CEO of The Arnott’s Group, “We have made no secret of our desire to build on that legacy by expanding our operations locally.” The Arnott’s Group has taken on the role of steward of a 150+ year history of Australian food manufacture. With products and capabilities that will enhance our current brands, broaden our iconic product portfolio, and propel our entry into new categories, Diver Foods offers us a tremendous strategic growth potential.
“After the transactions are finalized, we plan to establish a new cereal and snack division that will unite the Diver Foods and Freedom Foods businesses.”
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“We are excited to share more information about these exciting plans when they are finalized. We are currently working closely with Chris on how best to integrate their operations into The Arnott’s Group family.”