Page 6 - Food&Drink Magazine May 2022

NEWS
Sugar reduction target
on track
IN an Australian first, leading non-alcoholic beverage companies have reported that low/no sugar options account for 50 per cent of all sales. In the fourth progress report on the Sugar Reduction Pledge, the Australian Beverages Council says the industry is on track to achieve the target to reduce sugar in non-alcoholic beverages by 20 per cent by 2025.
The 2021 Sugar Reduction Pledge progress report found leading non-alcoholic beverage companies had reduced sugar across their portfolios by more than 16 per cent from 2015 to 2021.
AusBev commissioned KPMG on behalf of Asahi Lifestyle Beverages, Coca-Cola Europacific Partners (CCEP), PepsiCo, and The Coca-Cola Company to compile the report.
AusBev CEO Geoff Parker said the sugar reduction pledge is an unprecedented commitment that’s having a positive impact in communities nationwide.
“The non-alcoholic beverages industry is leading the rest of the shopping trolley in working together to take action in encouraging healthier lifestyles while continuing to give Australians more beverage choices with less sugar,” Parker said.
This reinforced consumption trends uncovered in research published last year on more than two decades of drink consumption in Australia, which revealed a long-term shift in Australians’ non-alcoholic drink choicesovertheperiod. ✷
Roma looks to sell
AUSTRALIA’S largest allergen free food manufacturer Roma Foods is looking to sell the business, saying an unsolicited offer in 2021 sparked the process.
Roma Foods managing director Max Buontempo said the unprompted approach spurred the directors to undertake a formal process to test market interest.
“The process will investigate a range of options for the future of Roma Foods including a
100 per cent trade sale.
“With annual revenue forecast to exceed $35 million in the next 12 months, we believe there is significant opportunity for a new owner or investor to accelerate the growth trajectory of the business,” Buontempo said.
The company began almost 70 years ago (1953) as a pasta producer and has grown into one of Australia’s leading allergen-free, gluten-free, and plant-based manufacturers.
It manufactures pasta, cereals, snack foods, and baking mixes from its facility in Carrum Downs, Victoria,
L-R: Roma Foods CEO Sam Schachna and managing director Max Buontempo.
launching more than 40 new products into the mainstream and health/better-for-you categories in recent years.
CEO Sam Schachna said, “Our vision is to have a Roma Foods product in every family’s pantry. We are getting closer to achieving that all the time.”
Buontempo said the company had a proven track record of growth and profitability over many years, making it an attractive opportunity for investment or acquisition.
Schachna joined Roma in January 2020 and has overseen the expansion of its product range. He said the company was in a strong position to take advantage of changing market emphasis towards locally manufactured high growth plant-based and allergen free foods.
MA Moelis Australia has been appointed to find a new investor or buyer. It expects the process to be completed in early FY23. ✷
Consortium invests in Perfection Fresh
ONE of Australia’s largest privately owned fresh produce companies Perfection Fresh has sold part of the business to an investment consortium.
Equilibrium Capital, Temasek and existing shareholder
PSP Investments now have a stake in the company.
Perfection Fresh was founded by the Simonetta family in 1978. The undisclosed financial investment will bolster its controlled environment agriculture (CEA) business domestically and as it pushes into international markets.
Perfection Fresh said it would build on existing facilities including its 43-hectare high tech glasshouse vine crop facility and 116-hectare berry polyhouses with CEA partner growers and
through its owns assets. The company owns and operates farms across the
country, including high-tech controlled environment glasshouses, berry farms, table grape vineyards, and citrus orchards.
Perfection Fresh CEO Michael Simonetta said the plan was to continue the current growth trajectory locally, sourcing
proprietary and premium fresh produce from its own farms and growers all over Australia.
“Our new shareholder partners together with PSP Investments bring extensive global investment experience and relationships into our markets and in the agricultural technologies which will help accelerate the growth of our company’s business in Australia and beyond,”
Simonetta said. Perfection Fresh was
advised by Goldman Sachs, Mills Oakley and PWC. The investment consortium was advised by Allens, Clifford Chance, KWM, KPMG,andPWC. ✷
LEFT: Perfection Fresh’s Two Wells glasshouse in South Australia.
6 | Food&Drink business | May 2022 | www.foodanddrinkbusiness.com.au