International investment specialist, Re:Capital has announced its acquisition of Australian confectionery manufacturer, Betta Foods.
The deal will see Re:Capital – which is the investment arm of British restructuring company Hillco – transfer ownership of Betta Foods to holding company, The Confectionary Innovation group.
The purchase of Betta Foods marks the second acquisition of an Australian confectionery manufacturer by Re:Capital who purchased iconic Australian chocolate brand Ernest Hillier earlier this year.
Newly appointed chief executive of Betta Foods and CEO of Hillier’s Chocolates, Mark Campbell told Smart Company that the two companies offer products which are complementary, and that all 150 Betta Foods staff will be kept on.
“We see food manufacturing in Australia as a good positive moving forward,” he says.
“Part of that strategy is that we think it’s an ideal time for Australia to contribute to being the delicatessen of the world.”
Campbell says that since Re:Captial took over Hiller’s there has been a renewed focus on product innovation and customer engagement leading to an increase in staff numbers and a 20 percent increase on turnover.
Investment director for Re:Capital Australia, James Turner told Smart Company that the decision to purchase Betta Foods steamed from the businesses’ quality product range, experienced staff and good manufacturing facilities.
“For us there are a lot of SME businesses in this space which really do benefit from having size behind them, there are economies of scale,” Turner says.
“These products are being sold to a very similar customer base and to suddenly have a broader sales force combining the two gives a great boost.”