Quorn to be sold for £550m

The North Yorkshire meat free firm had attracted interest from French yoghurt company Danone and Canadian French fries producer McCain, as well as Ireland’s Kerry Group.

Quorn, which reported sales of £150m in 2014, is backed by UK-based investment firms Exponent Private Equity and Intermediate Capital Group.

Stokesley-based Quorn is a meat substitute made from protein derived from fungus. It is to building on the consumer trend for eating healthier food and less meat.

It is sold on its own, in ready-meals or in products that replicate burgers, sausages and bacon.

Quorn Foods claims that in the past five years it has cut 60 billion calories from consumers’ diets.

It believes it has the potential to become a $1bn business.

For Monde Nissin the purchase of Quorn is its latest foray into the health food market.

Asian buyers are increasingly investing in consumer-facing businesses in Europe.

Last year Chinese private equity firm Hony Capital bought Britain’s Pizza Express chain for around £900m.