French dairy giant targets Rokeby and Cocobella owner as Chinese investors prepare rival bids.
Danone has emerged as the leading contender to acquire Made Group in a deal expected to exceed $1.5 billion. The French food company is seeking to revive an acquisition attempt it abandoned in 2020, when pressure from activist investors and internal challenges prevented it from pursuing the business more aggressively.
Made Group, owned by TPG Capital, controls fast-growing Australian brands including Rokeby and Cocobella, which are positioned in premium dairy and plant-based categories. TPG is reportedly seeking a valuation of at least 15 times the company’s estimated EBITDA of $110 million, implying a sale price above $1.5 billion.
Industry sources say Danone is viewed as the most logical buyer because the acquisition would strengthen its presence in Australia and expand its exposure to health-focused products. The company has been actively pursuing growth opportunities in the region as it seeks to capitalize on rising consumer demand for high-protein, dairy-alternative and wellness-oriented beverages.
However, Danone is facing competition from Chinese-backed investors. A consortium led by New Hope Group and Huan Le Jia is also participating in the process and is considered a serious rival due to its reputation for paying premium prices for consumer brands. Market speculation has also mentioned other potential investors, including Singapore’s Temasek and China Investment Corporation, although their level of interest remains uncertain.
The contest for Made Group comes shortly after another major regional dairy transaction, with Lactalis agreeing to buy Fonterra’s Mainland Group for NZ$3.845 billion. Analysts say the back-to-back deals underline growing international appetite for Australasian dairy and plant-based assets, particularly businesses that can tap into the global “better for you” food and beverage trend.
Source: The Australian – original article
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