Pacific Equity Partners’ acquisition of Allied Mills


Allens has advised Pacific Equity Partners (PEP) on their agreement to acquire Allied Mills, Australia’s leading manufacturer of flour, bakery premixes and speciality frozen par-baked bread products.

The business will be integrated with PEP’s Pinnacle Bakery and Integrated Ingredients (Pinnacle) business. Pinnacle has a leading position in the sweet bakery products and bakery ingredients market, manufacturing and distributing finished and unbaked goods such as cakes, pastries, cookies, muffins and donuts, as well as bakery ingredients such as fillings and fondants.

PEP is the largest PE fund in Australia and New Zealand. PEP Fund V has more than A$2 billion equity funds under management.

The establishment of Allied Mills goes back to 1864 when the Cocks Flour Mill was built in Toowoomba, Queensland. Until now, it has been 60 per cent owned by GrainCorp and 40 per cent owned by Cargill. GrainCorp acquired its share of Allied Mills in 2002 from Goodman Fielder.

Annually, Allied Mills buys and processes approximately 800, 000 tonnes of wheat and speciality grains including maize, rye, triticale, organic hard, soft and noodle wheats. Its brands include The Pastryhouse, Potts Bakery and Family Choice.

Allied Mills employs approximately 850 people across Australia and New Zealand. It has 15 manufacturing and distribution centres.

Allens has advised Pacific Equity Partners with a team including Tom Story (Picture), Vijay Cugati, Apoorva Suryaprakash, Alistair Stolz (M&A), Jacqui Downes and Sophie Matthiesson (Antitrust).

Gilbert + Tobin advised GrainCorp with John Williamson-Noble, Beth Jeffers and Chris Morse.

Involved fees earner: Tom Story – Allens; Vijay Cugati – Allens; Apoorva Suryaprakash – Allens; Alistair Stolz – Allens; Jacqueline Downes – Allens; Sophie Matthiesson – Allens;

Law Firms: Allens;

Clients: Pacific Equity Partners;