Kirin Holdings, the Japanese conglomerate, has revealed plans to sell Australia’s second largest dairy processor.
The company intends to sell Lion Dairy and Drinks, the firm’s Australian and New Zealand dairy operation.
In September, Kirin conducted a strategic review into its businesses, leading to the decision to place the dairy and juice company on the market.
Kirin acquired the beverage company a decade ago from National Foods for $2.8bn.
For the past three years, the Japanese firm has focused on transforming Lion Dairy and Drinks, which it claims is ready for future growth.
“It’s clear from the further work done in recent weeks that LDD’s strategy to more fully leverage growing consumer wellness trends will require new capabilities and capital investment,” stated Stuart Irvine, CEO of Lion Dairy and Drinks.
“The sale process will focus on finding the right owner to take LDD forward and unlock its full potential.”
The Melbourne-headquartered company features brand such as Masters, Big M, DarePura Milk, Dairy Farm, and Vitasoy.
Kirin has appointed Deutsche Bank, King & Wood Mallesons, and Greenhill & Co Australia to advise on the sale.