In 1847, Scottish immigrant William Arnott opened a bakery in Morpeth – in 2019, sold for $ US 2.2 billion (AUD 3.1 bn). Just like the richness in their products, there is a rich history behind the brand too – making it one of the most beloved and iconic Aussie brand.
Arnott’s, wholly owned by US Campbell’s soup company will be selling the entire Arnott’s brand (including Campbell’s soup sold in Australia) to US private equity firm, Kohlberg Kravis Roberts for a staggering $US2.2 billion ($AUD A3.1 billion). KKR & Co. Inc. is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and through its strategic partners, hedge funds. The Australian Financial Review said the sale price was understood to be and involved the entire Campbell’s International division, including Campbell’s soup sold in Australia.
Arnott’s is a classical Aussie company which includes the famous Tim Tams and Shapes. In 1970, the company, amidst growing foreign competition, joined hands with Campbell’s. In 1997, Campbell’s acquired the whole company, retaining it until their recent announcement to offload their Aussie branch.