Australia's Sara Lee Saved From Voluntary Administration Through Private Acquisition
By Trisha Andrada
Jan 29, 2024 04:40 AM EST
Jan 29, 2024 04:40 AM EST
Sara Lee, a beloved Australian dessert brand, went into voluntary administration last year, but now, it is sold and saved from potential collapse.
Klark and Brooke Quinn's private firm purchased the Sara Lee brand, which employs over 200 people in Australia, according to an announcement by the administrators at FTI Consulting on Monday, Jan. 29.
"We are a small Aussie family that shared in the tradition of having Sara Lee Apple Pie and vanilla ice-cream every Sunday night at the dinner table and could not be more proud to put the Aussie made and owned stamp on the Sara Lee brand," the Quinn family said in a statement, as reported by The Sydney Morning Herald.
Following Monday's decision, Administrator Vaughan Strawbridge expressed his expectation that the sale would close in the next weeks, saying everyone was pleased with the conclusion.
He expressed his gratitude to the committed workers and management team that have been instrumental in making the process a success while continuing to create outstanding goods. "Staff and consumers have rallied behind the business during this tough time," he acknowledged.
Strawbridge added: "We have enjoyed working with the Sara Lee team and are pleased to see them come through this process. Many staff have been with Sara Lee a long time and we have seen their passion for the business."
Despite being in business in Australia since 1971, Sara Lee's Australian and New Zealand division entered voluntary administration in October of last year. The company is famous for its frozen cheesecakes, pies, and ice cream.
In Australia, the Quinn family is famous for their pet food empire.
According to News.com.au, Tony and Christina Quinn started VIP Petfoods about 30 years ago, and they sold it for $410 million in 2015.
Quinn's involvement in the confectionery industry is not new. In 2012, when the Darrell Lea brand went into voluntary administration, the senior Quinns bought it out.
Klark, their son, and his partner Brooke took over the business later on. When the two invested $30 million into the company and set up a second facility in Ingleburn, they spent years running Darrell Lea and successfully turned around the brand.
One example of their commitment to the firm was their 2014 relocation into the Darrell Lea factory, where they worked as much as 16 hours a day in an effort to turn around the company's fortunes.
Additionally, in 2018, they sold the brand to Quadrant Private Equity for around $200 million.
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