Consumer products group PZ Cussons has acquired Australian baby food brand Rafferty's Garden from private equity firm Anacacia for 42.2m pounds. Rafferty's Garden has a 40% share of the wet baby food market and has growing shares in the infant dry and snacks market.Panmure Gordon upgraded its rating for Cussons from 'hold' to 'buy' following the announcement, saying it was an "attractive entry" into the food and nutrition market in the Asia Pacific region."The shares have pulled back lately to around the 350p level from c.400p, and we think this represents an attractive entry point," the broker said, as it raised its target price for the stock from 400p to 411p."Rafferty's Garden has taken the Australia baby food market by storm over the past six years, selling nutritious products in convenient pouches. From Heinz having a dominant position in the market, Rafferty's Garden is now the leader in the wet category with a c.40% market share and a growing share in the infant dry and snacks market." The business is being acquired on a cash and debt free basis from cash and existing facilities. Cussons expects the company to be earnings enhancing in the current financial year.Alex Kanellis, Chief Executive of Cussons, said: "The acquisition of Rafferty's Garden marks the group's entry into the food and nutrition category in Asia-Pacific and the addition of another leading brand to the group's portfolio. This leading position together with an exciting pipeline of new products provides the platform for further growth within Australia."Following this acquisition our balance sheet remains strong giving us flexibility for further investment opportunities as they arise."Shares advanced 3.04% to 365.80p at 11:00 on Tuesday.RD