Page 6 - Food & Drink Magazine Sep-Oct 2020

NEWS
Buderim sells
to Himstedt
family, Global
Foods outbid
BUDERIM Group has entered a binding agreement with the Queensland-based Himstedt Family to sell its ginger and tourism business for $13 million.
The deal comes after the group announced it had received an offer of $8.3 million from Global Foods Group in July. The principal shareholder and executive chair of Global Foods, George Vasili, also had a 15.85 per cent stake in Buderim.
The sale is expected to be completed in
September 2020, subject to conditions
including Fiji regulatory approval.
Buderim’s ginger division assets
include the Ginger Factory, a tourist attraction and production facility
at Yadina,
Queensland; the brands Buderim Ginger and
The Ginger Factory; and subsidiaries Frespac Ginger in Fiji and Ginger Head Quarters.
Tom Himstedt said the family was pleased to be the next custodian of the iconic business and an integral part of the Sunshine Coast community. “We hope that with the knowledge and skills of the existing Buderim Ginger team and our interest in delivering great products, we will together create an exciting new chapter.”
Buderim Group CEO Andrew Bond will stay on as CEO of the ginger business.
Buderim chair Guy Cowan said cash proceeds will be used for debt reduction and working capital as the company focuses on expanding its macadamia business and plant-based proteins.
Buderim Group also proposed to change its name to Health and PlantProteinLtd. ✷
Buderim Group’s ginger business includes products and tourism facilities.
Woolworths’ $552m stake in PFD Food Services
WOOLWORTHS Group will acquire a 65 per cent stake in foodservice supplier PFD Food Services for $552 million, as well as 100 per cent of PFD’s freehold properties, including its 26 distribution centres.
The transaction will see a $302 million initial investment from Woolworths in PFD to acquire 65 per cent equity interest, while PFD’s distribution centre properties will be purchased for $249 million and leased back.
Woolworths Group CEO Brad Banducci said the deal will build
on the existing partnership with PFD, which is currently the number two player in the large and fragmented out-of-home foodservice and non-retail business-to-business markets.
“This investment is a logical adjacency for the group and
The $552m deal includes all freehold PFD properties and distribution centres.
supports its evolution into a Food and Everyday Needs ecosystem,” said Banducci.
The deal is subject to approval from the Australian Competition & Consumer Commission, with completion expected by the end of2020. ✷
Asahi, Pact Group, Cleanaway’s $45m joint venture
A joint venture between Asahi Beverages, Pact Group and Cleanaway Waste Management will build a $45 million recycling plant in Albury/Wodonga, the companies announced.
It will trade as Circular Plastics Australia (PET).
Its major environmental benefits will be a reduced reliance on virgin plastic, less plastic waste sent overseas and less recycled plastic imported.
It is anticipated the facility will
recycle the equivalent of around one billion 600ml PET plastic bottles each year, which will be used as a raw material to produce new bottles, plus food and beverage packaging in Australia, to help close the loop on recycling.
According to Pact Group this will see the amount of locally sourced and recycled PET produced in Australia increase by two thirds, from around 30,000 tonnes to more than 50,000 tonnes a year.
The plant will draw on the expertise of each member of the joint venture.
Cleanaway will provide the plastic to be recycled through its collection and sorting network, Pact will provide technical and packaging expertise while Asahi Beverages and Pact will buy the recycled plastic from the facility to use in their packaging.
Brooke Donnelly, CEO of the Australian Packaging Covenant Organisation, commented: “A huge congratulations to Pact Group, Asahi Beverages and Cleanaway on reaching this important milestone for the project. This new partnership is a real testament to the powerful impact of collaboration.
“This industry-led, decisive leadership is fundamental to ensuring the successful delivery of Australia’s 2025 National Packaging Targets.” ✷
Cleanaway CEO Mr Vik Bansal,
Pact CEO Mr Sanjay Dayal and Asahi Beverages Group CEO Mr Robert Iervasi announcing the joint venture.
6 | Food&Drink business | September-October 2020 | www.foodanddrinkbusiness.com.au