The French group said on Friday that it had agreed to sell Griffin to Australia's Pacific Equity Partners for around NZ$385 million (€194m).

Griffin is New Zealand's biggest cookie manufacturer and number two in the savoury snacks market with its Eta brand. But Danone is currently seeing much faster growth in other Asia-Pacific markets.

A spokeswoman at the firm said it had seen turnover at its biscuit business grow by 30 per cent in Indonesia last year. Sales of all baked goods, including crackers, cookies and breakfast cereals, are rising fast in Indonesia thanks to higher incomes and the large and growing population.

And among the even bigger populations of India and China, both markets where Danone claims to be the leading biscuit manufacturer, the company recorded growth of 7 per cent and 10 per cent respectively last year.

This compares with 1 per cent growth in the value of New Zealand's sweet biscuit market last year, and 3 per cent growth in savoury biscuits or crackers.

Biscuit consumption per head is still significantly higher than the less developed Asia-Pacific markets but Danone says it will grow its sales in the rest of the region through "innovation and new product launches".

It can look forward to an expected compound annual growth in Indonesia's cracker market of 10.3 per cent, reaching IDR734 billion (€67m) in 2009, according to Datamonitor's forecast.

Indeed, Griffin Foods may also seek to enter such fast-growth markets under its new owner. Managing partner of Pacific Equity Partners Richard Gardell told local media that "we'd like to step up new product development and marketing initiatives…and we've got a few international ideas we'd like to explore as well".

Gardell added that Griffin had a "great management team", and no restructuring or job cuts were planned.

The sale is still subject to regulatory approvals.

The largest private equity fund in Australia and New Zealand, PEP has also recently agreed to buy New Zealand poultry business Tegel Foods.