ADVERTISEMENT

Philippine Noodle Maker Seeks Investors in Britain’s Quorn Faux Meat

Philippine Noodle Maker Weighs Stake Sale in Meat-Free Food Brand Quorn

(Bloomberg) -- Philippine food maker Monde Nissin Corp. is weighing options including a potential minority stake sale for Quorn Foods, a British producer of meat substitutes, people with knowledge of the matter said.

Monde Nissin, which makes the best-selling “Lucky Me!” instant noodles in the Philippines, is working with an adviser to look for an equity investor in Quorn, said the people. The firm could sell at least 20% in Quorn to an investor that would help expand the business, said the people, who asked not to be identified as the discussions are private.

Philippine Noodle Maker Seeks Investors in Britain’s Quorn Faux Meat

The Makati-based company acquired Quorn for 550 million pounds ($722 million) in 2015, according to the company’s website. Quorn started making meat-free products including burgers with mycoprotein before the faux meat boom that took off in recent years.

Middle-class consumers are becoming more health-conscious, switching to products made of plant-based proteins by companies such as Beyond Meat Inc. and Impossible Foods Inc. Shares of Beyond Meat have fallen nearly 70% from their peak this year, but still have almost tripled since its debut in May, riding on the demand for vegan food.

Deliberations are at an early stage and they may not lead to a transaction, the people said. A representative for Monde Nissin declined to comment.

Monde Nissin also counts biscuits among its main products and exports to more than 30 countries, according to its website.

--With assistance from Cecilia Yap.

To contact the reporters on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net;Elffie Chew in Kuala Lumpur at echew16@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Jeff Sutherland

©2019 Bloomberg L.P.