URC Acquires Malaysian Biscuits Company in P22.87 Billion Deal

Universal Robina Corporation (URC) is acquiring Malaysia’s leading biscuit brand in a deal valued at 1.925 billion Malaysian Ringgit (about P22.87 billion). 

In a news release, URC, through its subsidiary URC Snack Foods (Malaysia) Sdn Bhd, will acquire a 100-percent stake in Munchy Food Industries Sdn. Bhd. (Munchy’s) and its subsidiary Munchworld Marketing Sdn. Bhd. from CVC Asia IV for the said amount on a “cash-free, debt-free” basis.

Munchy’s is a leading biscuit brand in Malaysia established in 1991. It has a presence in over 50 countries across the region and worldwide, offering brands like Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies.

“URC is delighted to announce the acquisition of Munchy’s, which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category,” Irwin C. Lee, President and CEO of URC, said. “Munchy’s, with its strong brands, talented organization, and operational excellence, is a great strategic fit with URC.  Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region.”

“This has been a highly successful partnership between CVC and the excellent leadership team at Munchy’s that has seen the company expand into new geographies and the launch of numerous innovative and delicious products,” said Alvin Lim, senior managing director of CVC. “Universal Robina Corporation is the perfect new home for Munchy’s and we wish them the very best for the future.”

“We are excited to become part of URC,” said Rodney Wong, Munchy’s CEO. “This move will allow Munchy’s to have access to Research & Development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia. This will translate to development of innovative forward-thinking offerings to our consumers and strengthen our presence in the ASEAN market. 

“Both companies share a common purpose, values & ambition where we both put people first in everything we do, looking to delight everyone with good food choices and inspire happiness together,” he added. “We would like to thank CVC for their expertise and support over the last three years and look forward for the next phase of profitable growth for Munchy’s.” 

URC, a unit of Gokongwei-led conglomerate JG Summit, is one of the largest branded food product companies in the Philippines and has established a strong presence in the ASEAN region. The company is involved in a wide range of food-related businesses, including the manufacture and distribution of branded consumer foods. 

Esquire Philippines is published by Summit Media Inc., which is a unit under the JG Summit conglomerate of the Gokongwei family.