July 2014: The Sydney Morning Herald reports that M.H. Carnegie& Co. recently took a stake in baking minnow Modern Baking and is seeking to raise $100 million for a new fund targeting smaller fast-moving consumer goods (FMCG) businesses.
Carnegie is looking at six or seven other businesses to add to the fund. There are a huge number of small FMCG businesses that don’t just need capital but need a partner.