BALLARAT, Aus. — McCain Foods Australia has signed an agreement to purchase the Kitchens of Sara Lee (KOSL) frozen bakery business from Hillshire Brands.
“Sara Lee will be a great addition to our family of frozen foods, offering our customers an expanded range of products across desserts, meals and snack occasions. Sara Lee is a recognized and trusted brand that is highly complementary to our business.” said Steve Yung, managing director of McCain Australia/New Zealand.
The acquisition, valued at AUD$82 million (approximately $85 million), encompasses KOSL’s manufacturing, marketing, distribution and exporting of frozen desserts as well as its licensing rights to the Sara Lee trademark in connection with the bakery business in Australia and other areas within the Pacific Rim. The transaction is subject to closing conditions and regulatory approvals.