The deal, struck for an undisclosed sum, accelerates Arnott’s entry into the premium cracker category and will “strengthen and diversify its presence in New Zealand”, the company said. 

180degrees was founded in 2001 in Auckland by “three passionate New Zealand foodies” and is now one of the largest premium biscuit and cracker brands in the country. Its products include oat and seed crackers, cheese bites and lavosh flatbreads. 

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George Zoghbi, CEO of Sydney-headquartered Arnott’s, which is owned by New York-based private-equity firm KKR after a deal with Campbell Soup Co. in 2019, said: “We know there is a strong appetite in New Zealand for locally produced, premium, wholesome products.

“The acquisition allows us to invest in a rapidly-growing market, and to continue to innovate by introducing new tastes and textures that complement our existing product range. Both Arnott’s and 180degrees are committed to creating delicious moments by producing products that focus on taste and integrity.”

180degrees co-founder Jill Seton said: “It was important for us to partner with a company that shares our appreciation for legacy with a strong innovation approach.

“As an iconic and much loved business with a rich history, we knew the team at Arnott’s would be just the right fit.”

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Arnott’s, which already has an operation in Auckland, is best known for its biscuit products. But in February, it announced plans to create a new division for cereals and snacks after entering an agreement to take a majority stake in local business Diver Foods.