• $45 million investment in The Arnott's Group as part of $1.75 billion debt refinance
  • Company employs 2,500 Australian workers across 5 facilities
  • Third debt deal for NRFC and second in the Value-add in Agriculture, Forestry, and Fisheries Priority Area
  • Transaction led by KKR Capital Markets, Morgan Stanley and MUFG

The National Reconstruction Fund Corporation (NRFC) is helping iconic Australian manufacturer The Arnott’s Group to add advanced manufacturing capability and create Tim Tam biscuits for export around the world.

The NRFC contributed $45 million in debt to the biscuit manufacturer’s refinancing of $1.75 billion in existing debt that matures in 2026. The transaction is being arranged by KKR Capital Markets, Morgan Stanley and MUFG.

The NRFC’s investment supports The Arnott's Group’s continued investment in manufacturing in Australia as part of the company’s domestic and international growth ambitions.

The refinancing helps to secure the future of a market-leading food company that dates back to 1865 and currently employs over 2,500 Australian workers across five facilities. NRFC is supporting planned future-growth capital expenditure as the company expands production and prepares to take some of its most iconic brands to the global market. 

Tim Tam, Australia’s favourite chocolate biscuit, has already built a growing international presence – now stocked in all major British supermarkets and outperforming expectations in the U.K. market, with over 5 million packs sold since its launch in April 2024. 

“Arnott’s is a great Australian company, and its products are a source of pride and enjoyment for so many Australians,” NRFC CEO David Gall said. 

“So many of us have taken a pack of Tim Tam biscuits with us when we set out on travels across the globe. Taking such an iconic brand to international markets is something that is good for Australia and which the NRFC is excited to play a part in.”

“For this great company to thrive into the future it needs to be positioning itself as a leader in advanced manufacturing in Australia and adapting its production lines to be future ready. The NRFC is pleased to be part of the refinancing of Arnott’s’ debt.”

The deal represents the third debt investment made by the NRFC, which is mandated to be active across the entire capital stack from debt to equity. The NRFC has announced 17 investments totalling $1.02 billion since it began investing in late 2024. 

“This deal is significant because it is the second we have done in the Priority Area of Value Adding in Agriculture, an important part of the national economy,” NRFC Chief Investment Officer Mary Manning said. 

“This is one of the seven Priority Areas our legislation mandates us to invest in and signifies our confidence that value adding in agriculture through processing foods and producing consumer packaged goods is an area where Australia can and should compete with the world.” 

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Media contact: media@nrf.gov.au

About the National Reconstruction Fund Corporation (NRFC)

The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science. 

The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.

For more information, visit nrf.gov.au.