MARKETPLACE
Deal activity picks up Corporate activity in the food and beverage industry remained high over the two-month period from June to July 2021. Twelve transactions were announced over the two-month period.
K
rio Krush, a leading manufacturer and supplier of natural seasonings, herbs and spices to the foodservice channel was acquired by Atlantic Growth Capital. Comet Line Consulting advised Krio Krush on the sale to Atlantic Growth Capital. The world’s largest pure-play coffee and tea company, JDE Peet’s, acquired Campos Coffee. Campos Coffee is a specialty coffee roaster with distribution in multiple channels including direct-to-consumer, retail and its own flagship cafes. Comet Line Consulting assisted JDE Peet’s with the transaction. Costa Group acquired Select Fresh, a leading fruit and vegetable distributor to the foodservice and independent retail channels in Western Australia. Comet Line Consulting advised Select Fresh on the sale to Costa Group. HelloFresh submitted a $125 million offer to acquire ASX-listed Youfoodz. The 93 cents per share offer is subject to Youfoodz shareholder approval and the Youfoodz board of directors
recommended that shareholders accept the offer. Youfoodz listed on the ASX in December 2020 and shares were issued at $1.50 per share during the IPO. Perfection Fresh acquired full ownership of Fruit Master Australia. Perfection Fresh obtained a shareholding in Fruit Master Australia in 2016, when the companies merged their table grape businesses. The acquisition enables Perfection Fresh to expand its presence and capability in export markets. Nature One acquired Nepean River Dairy for $36.5 million. Nepean River Dairy sells a range of milk products including cows milk, flavoured milk and long-life milk. The manufacturing capabilities and product portfolio of Nepean River Dairy will be merged under the Nature One Dairy brand. German based Intersnack acquired the remaining 60 per cent shareholding in Universal Robina Oceania. Universal Robina Oceania operates through two subsidiaries: Snack Brands Australia and Griffin’s Foods (New Zealand). Both businesses operate through a variety of brands. F
Transactions announced Date
Target Name
Acquirer
Sector
1 June 2021
Krio Krush Basic Foods
Atlantic Growth Capital
Seasonings and spices
9 June 2021
Rivalea Australia
JBS Australia
Meat processing
15 June 2021
Campos Coffee
JDE Peat’s
Non-alcoholic beverages
23 June 2021
2PH Farms
Costa Group
Fresh produce
23 June 2021
Select Fresh
Costa Group
Fruit & veg providore
5 July 2021
Lyka ($6.5 million capital raise)
Shearwater and Wattle Hill
Petfood
13 July 2021
Harvest B ($3.5m seed funding)
Woolworths and Aura Ventures
Plant-based foods
13 July 2021
Youfoodz
HelloFresh
Ready-made meals
23 July 2021
Fruit Master Australia
Perfection Fresh
Fresh produce
27 July 2021
Nepean River Dairy
Nature One
Dairy
28 July 2021
Cameron of Tasmania
Yumbah Aquaculture
Seafood
30 July 2021
Universal Robina Oceania (60%)
Intersnack
Snacking and biscuits
Ben van der Westhuizen and David Baveystock are directors of Comet Line Consulting, an advisory business that specialises in acquisitions and divestments within the Australian food and beverage industry. For more information, visit www.cometlineconsulting.com.au.
Commodity Outlook WHEAT: The gross value of wheat production is estimated at a record $9.7 billion, reflecting record production combined with relatively high prices. COARSE GRAINS: Barley and canola also recorded significant increases in value year-on-year. The value of barley exports by 63 per cent to $2.4 billion OILSEEDS: The value of oilseed exports increased by 54 per cent to $1.8 billion.
BEEF, VEAL AND SHEEP MEAT: Beef and veal are forecast to account for 37 per cent of exports in 2020–21. DAIRY: Dairy products are forecast to account for 17 per cent of exports in 2020-21.
Source: Department of Agriculture and Water and the Environment (ABARES), Agricultural commodities, 2020-21 FY.
www.foodmag.com.au | September 2021 | Food&Beverage Industry News 47
