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[Image: Munchy-fb-shopee-26112021.jpg]

MANILA: Philippine snack maker Universal Robina on Friday said it is buying Malaysian biscuit producer Crunchy Foods in a deal worth RM1.93 billion.

Crunchy Foods owns Munchy’s, a leading confectionery brand in Malaysia, as well as Oat Krunch, Lexus, Muzic and Choc-O, which are sold in over 50 countries.

Universal Robina said it acquired its peer from CVC Capital Partners on a “cash-free, debt-free” basis.
CVC took over Munchy’s in 2018.

Universal Robina CEO Irwin Lee called Munchy’s a “great strategic fit” with Universal Robina’s Southeast Asian expansion.

“Together, we will be able to further expand the footprint of Universal Robina Corporation and Munchy’s and unlock growth synergies in Malaysia as well as across the Asean region,” Lee said in a statement.

Munchy CEO Rodney Wong said: “We are excited to become part of URC.

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