Snack maker Universal Robina Corp. said Thursday it completed the acquisition of Malaysia’s Crunchy Foods Sdn. Bhd. for P22.9 billion.
URC said in a disclosure to the stock exchange subsidiary URC Snack Foods (Malaysia) Sdn. Bhd. bought 683,964,000 ordinary shares, which represent 100-percent equity interest in Crunchy Foods.
“The transaction will allow URC to become a market leader in Malaysia in the biscuit segment, which is consistent with URC’s overall purpose. Crunch Food is also expected to enjoy some synergy in Malaysia with the local affiliate of URC—URC Malasysia,” the company said.
Established in 1991, Crunchy Foods is Malaysia’s No.1 biscuit firm. Its brands include Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer and Choc-O cookies.
It also expanded its footprint outside Malaysia and is now present in more than 50 countries. It was owned by CVC Asia IV, a fund managed by private equity firm CVC Capital Partners, which invested in Crunchy FoodS in 2018.
URC is one of the largest branded food product companies in the Philippines and established a strong presence in the ASEAN region. The company is involved in a wide range of food-related businesses, including the manufacture and distribution of branded consumer foods.
The acquisition of Crunchy Food was announced four months after URC exited the salty and sweet snacks business in Australia and New Zealand.
URC reported a net income of P11.2 billion in the first nine months, up by 38 percent from a year ago, as sales grew 3 percent to P102.6 billion despite the COVID-related constraints in key markets affecting consumer demand.