Gokongwei snacks on Griffin’s Foods

Universal Robina Corp URC is buying Griffin’s Foods for NZ$700 million US$609 million, the latest Asian company bulking up to feed an expanding and more demanding middle class.

The Philippine snack foods firm, run by Lance Gokongwei the only son of one of the Philippines’ wealthiest men John Gokongwei who founded URC in 1954, is buying Griffin’s from Australian private equity firm Pacific Equity Partners PEP.

URC, which produces the popular Jack n Jill branded snacks, cup noodles and biscuits, has expanded swiftly due to a growing appetite for convenience foods among Asia’s emerging affluent.

Lance said in a...