Arnott’s has been put on the market by Campbell Soup Co, 21 years after the American food giant bought the iconic Australian brand in a deal that prompted disquiet among patriotic biscuit lovers Down Under. Campbell owns Arnott's through its international division, which it first put up for sale last August. Later in 1865 he moved to a bakery on Hunter Street, Newcastle, New South Wales, providing biscuits and pies to townspeople and ships docking at the local port. Beloved Tim Tam faces uncertain future as Arnotts up for sale. Products were pulled from shelves for two weeks before Coles agreed to increase prices on a range of 44 "must-have" biscuits. Arnotts Biscuits Holdings Pty Limited is a foreign-owned private company, deriving revenue from the manufacture and distribution of biscuits, soup, stock and vegetable juices. Arnott's biscuits has manufactured biscuits and baked goods in Australia for the past 150 years. Campbell’s loaned the company $248.6 million at the beginning of the 2018 financial year, which Arnott’s repaid. Fri, 31 August 2018 11:06AM. The company had $1.64 billion in assets and reported borrowings of $470 million, but repaid the outstanding amount after Campbell’s announced its sale intention, securing a $400 million syndicated facility agreement from Citibank to facilitate the repayment. Maybe — Arnott’s, Australia’s favourite biscuit maker, is up for sale. ARE Tim Tams, Mint Slices, and Barbecue Shapes about to return to Aussie ownership? “The board concluded that, at this time, the best path forward to drive shareholder value is to focus the company on two core businesses in the North American market with a proven consumer packaged goods business model,” Mr McLoughlin said. Sydney-based Arnott’s employs about 2400 people in Australia, with more in New Zealand, Indonesia, Malaysia, Singapore and Japan. Arnott's set to be acquired by KKR in $3b deal. A number of prospective bidders had been eyeing off Arnott's after Campbell's put it on the table last year, including Kraft Heinz and Mondelez. Arnotts Biscuits Holdings Pty Limited is a foreign-owned private company, deriving revenue from the manufacture and distribution of biscuits, soup, stock and vegetable juices. American owner Campbells has put the iconic biscuit company on the market . Until 1975 the company was under family control with the descendants of William Arnott, including Halse Rogers Arnott and Geoffrey H. Arnott, acting as Chairman. Could Arnott’s biscuits become Australian owned again? The decision raises the prospect that Arnott’s could follow Vegemite in returning to Australian ownership after a lengthy period in foreign hands. To date, manufacture of Tim Tams and other Arnott's products has remained largely within Australia, including bakeries in Sydney, Adelaide, and Brisbane. In a statement, a spokeswoman for Campbell International said the company "had not been sold". The final two companies in the running were reportedly Australian private equity group Pacific Equity Partners (PEP), and KKR. KKR gained notoriety after its controversial $44 billion acquisition of food manufacturer Nabisco in 1988 was made into a book and a movie, titled Barbarians at the Gate: The Fall of RJR Nabisco. If the deal were to go ahead, it would be far from the first first time a US giant has snapped up an Australian food icon. The person familiar with the deal said the sale of Kelsen to Ferrero opened the door for KKR and PEP to vie for Arnott’s, with neither of them initially “keen” on the Danish biscuit maker. View the festival program. The person said there were no competition concerns with the deal, and the quoted $US2.2 billion ($3.15 billion) sale amount was largely accurate though the final figure could be slightly different. 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