Rich lister’s food sold to China’s Bright Foods: Report

China’s second-largest food company Bright Foods is reportedly set to snap up a majority stake in Manassen Food, the decades-old food group part-owned by rich lister Roy Manassen, in a deal estimated to value the local business at $500 million, including debt.

According to Reuters, Bright Foods has bought CHAMP Private Equity’s 75% stake in Manassen, five years after picking up the bulk of the business from rich list member Roy Manassen, whose wealth was valued at $224 million in 2009. CHAMP managing director Cameron Buchanan declined to comment on “media speculation” this morning.

Established in 1953, the company calls itself Australia’s leading independent grocery importer. Its brands include Carrs and Ryvita biscuits, Coffex Coffee, Jelly Belly, Margaret River Dairy, Castello Cheese, and freezer and bakery products. According to its website, it has 350 employees.

A float had once been tipped for Manassen Foods, but Bright has been talking up its overseas expansion plans for time, with chairman Wang Zongnan telling Bloomberg earlier this month that many projects were under negotiation and flagging deals within the next 12 months.

Bright Foods also made an unsuccessful bid for CSR’s sugar division months ago and has been nominated as a potential buyer for the Foster’s wine business. The deal is believed to be Bright’s largest-ever overseas buy.

Another Australian food business reportedly for sale is Primo Smallgoods, the ham, bacon and smallgoods company which is said to have attracted interest from Affinity Private Equity, Blackstone and the Philippines’ San Miguel for a minority stake.