F&B deal activity takes a breather

Following a frenetic end to 2017, corporate activity in the food and beverage industry slowed down in January and February, with six transactions announced during this period.

In2Food Group, a supplier of freshly prepared meals to David Jones, announced the acquisition of three state-based fruit and vegetable providore businesses: Yarra Valley Farms, T&F All States and Briz Fresh. The combined value of the three acquisitions is estimated to be $50 million.

Private equity firm, Next Capital, completed the acquisition of Noisette Bakery. Noisette is a Melbourne-based artisanal commercial bakery that sells a range of breads, cakes and pastries. The business distributes to the foodservice market in Melbourne and also distributes from two retail sites in Melbourne.

Acquisitions announced
As reported in our previous article, Quadrant Private Equity acquired an 85 per cent shareholding in confectionery maker, Darrell Lea, in what is considered a standout transaction. The transaction values the Darrell Lea business at approximately $200 million.

Grocery delivery business Aussie Farmers Direct entered voluntary administration on 5 March 2018, with the closure of the business described as “hugely disappointing”. Aussie Farmers Direct had approximately 100 franchisees, 260 employees and 100,000 customers and was started 13 years ago. Korda Mentha was appointed as administrator.

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[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]

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