Kraft Heinz is believed to be inching closer towards the sale of its A$1billion (US$668 million) Australia and New Zealand operations, with Kohlberg Kravis Roberts (KKR) said to be in the box seat to buy the business.
Kraft Heinz has been exploring the sale of its Australia and New Zealand unit over the past 3 years, as it hopes to focus more on its home turf in the US.
In 2019, KKR paid US$2.2 billion for Arnott’s Biscuits, a business run by George Zoghbi, who is a former Kraft Heinz executive and also on the Kraft Heinz board. KKR has also been making several other acquisitions in the food sector like buying Freedom Foods and Diver Foods. It also has plans to buy New Zealand’s biscuit producer, Griffin Foods.
Kraft Heinz is the world’s 5th largest food and beverage company with revenue exceeding US$26 billion last year.
