Australian private equity firm Pacific Equity Partners is selling its Griffin's Foods business to Philippines-based Universal Robina for $700 million.
Griffin's has annual sales of about $280m, operating earnings of $78m, and its brands include Griffin's biscuits and ETA snacks. About a third of Griffin's sales are exports to more than 20 countries.
The sale requires the approval of the Overseas Investment Office.
A Universal Robina spokesperson said Griffin's would benefit from its distribution networks across the Philippines and in other parts of Asia.
