Sydney-based Bega Cheese has acquired Mondelez International’s Australia & New Zealand grocery and cheese business, regaining Australian ownership of Vegemite after 90 years.
Aussie trade title Mumbrella reports that Bega will pay A$460m to the US beverage & food company, picking up brands including Zoosh and Bonox, as well as a licence for peanut butter, nut spreads, cheeses and mac & cheese under the Kraft brand.
The cheese company will also receive a licence to use the Dairylea brand in Australia and New Zealand.
Vegemite become a brand under JL Kraft Inc in 1926, after a merger between Vegemite’s Australian founder, Fred Walker & Company Pty Ltd, and the US company.
Barry Irvin, executive chairman of Bega Cheese said he was proud to bring an Australian company, now an ASX listed billion dollar business, back onto Australian shores.
“The wonderful heritage and values that Vegemite represents and its importance to Australian culture makes its combination with Bega Cheese truly exciting. Bega is a company with humble origins and to be in a position to be able to take on a business of this scale and with brands including Vegemite is a testament to how far we have come,” Irvin said.
Vegemite’s current agency roster includes J Walter Thompson Melbourne and Channel T. Bega’s agencies include Mediacom, Clemenger BBDO Melbourne and The Marketing Shop.
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