Sara Lee, bastion of frozen desserts loved by generations, has gone into voluntary administration. FTI Consulting has been appointed administrator.
Originally owned by US based Hillshire Brands, McCain Foods acquired the business for $82 million in an all-cash deal in 2012.
McCain announced it was looking for a buyer in 2020, saying it wanted to focus on its core potato business in retail and food service.
In those eight years it spent more than $40 million upgrading the Sara Lee plant in Lisarow, on the New South Wales Central Coast, including a state-of-the-art pastry line.
In FY20, its sales topped $96 million, and it reported more than $15 million in earnings before interest, tax, depreciation, and amortisation (EBITDA). Baked goods …
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