Macquarie Park / AU. (gfl) Goodman Fielder Limited announces that it has entered into an agreement to acquire Paradise Food Industries from Archer Capital. Paradise is a Brisbane-based manufacturer of biscuits and muesli bars with gross revenues of 130 million AUD.
The acquisition, which is expected to become final in the next few weeks, will provide Goodman Fielder with an entry at the no. 2 position in the Australian biscuit market. Paradise brands include Cottage, Vive and Veri Deli and the business is also the largest supplier of supermarket house brand biscuits in Australia.
«This acquisition gives the company an entry into the Australian biscuit market which is valued at more than one billion AUD», Goodman Fielder Managing Director Peter Margin said. «It will provide a platform for further growth in Australia and is a potential vehicle for entry into the biscuit market in the broader Pacific region».
The Paradise business has an extensive local manufacturing capability and strong focus on product quality. It will form part of Goodman Fielder´s Home Ingredients division. «We expect to derive synergy benefits as we apply Goodman Fielder management disciplines, particularly around commodity cost management», Margin said. The acquisition price was 78,75 million AUD plus transaction costs which will be funded from existing facilities.
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