Page 67 - Food&Drink magazine November-December 2022

PROVECTUS
LANDS $11.4M Australian synthetic biotech company Provectus Algae raised $11.4 million in a pre-series A funding round led by Hitachi Ventures, a joint venture between Hitachi and
Vectr Ventures.
Provectus specialises in biomanufacturing microalgae to produce ingredients for a range of industries and applications. Other investors were Possible Ventures, Acequia Capital, existing shareholders, and additional private investors.
✷ MARCH
ON THE COVER
ASAHI COMMITS TO LOCAL
Tasmanian Westerway Raspberry Farm has committed to supply Asahi Beverages with 50,000 kilograms of raspberries every year, with the beverage giant announcing it would no longer use imported berries from Poland.
The berries will be pressed and processed at the historic Cascade Brewery in Hobart, with some of the juice concentrate used in Tasmania for Mercury Cider. The rest will be sent to the mainland to be used in Asahi
Beverage brands Spring Valley fruit juice, Cottee’s cordial, and
Pop Tops.
SUNTORY SELLS
FRESH COFFEE
BUSINESS
Suntory Beverage & Food sold its Oceania region fresh coffee business to UCC Coffee subsidiary, UCC ANZ Management. The sale, worth $229 million, covers Australia, New Zealand and Singapore operations.
SBF’s fresh coffee business is the
largest coffee roaster in ANZ with brands Toby’s Estate, Atomic, L’affare, Robert Harris, and Mocopan. It also has contract roasting operations that service the retail and convenience sector.
SPC’S $111M RAISE
SPC Global’s $111 million capital raise brought new investors into the business and members to the board, a sale and leaseback of its Shepparton site, as well as funds to fuel its growth strategy, with acquisitions on the dance card for 2022.
Local partnerships came in the form of equity investments from The Australian Meat Industry Superannuation Trust (AMIST) and the family office of Peregrine Corporation managing director Khalil (‘Charlie’) Shahin.
HALO FOOD CO ACQUIRES HEALTHY
MUMMY
Australian online
health and wellness business The Healthy
Mummy Holdings (THM) was acquired by ASX
listed Halo Food Co for
$17 million. THM had a recorded revenue of roughly $21 million and a normalised EBITDA of $4 million. The business targets mothers of young children wanting to lose weight. Its digital subscriptions offer a nutritionist, personal trainer, motivational coach, which have 100 per cent gross margins and 39 per cent revenue.
BEAK & JOHNSTON’S $90M READY MEAL INVESTMENT One of Australia’s largest chilled ready meal manufacturers, Beak & Johnston, invested $90 million in a new kitchen facility in Western Sydney. The 12,000 square metre greenfield site sits next to the company’s existing 10,000 square metre City Kitchen factory.
The company’s brands are Simmone Logue, Pitango, Beak & Sons, Strength Meals Co, as well as producing private labels.
In 2020, the company bought Ready Chef, Pasta Master, and the licence to produce Latina Fresh’s chilled ready meals from General Mills.
According to IBISWorld the Australian prepared meal market is worth $1.5 billion, with an annualised market growth of
2.9 per cent from 2017 to 2022.
NEW CEO FOR FËNN FOODS
Australian plant-based foods company Fënn Foods appointed Tony Rowlinson its new CEO, after a successful $3 million capital raise.
Fënn Foods was founded in 2015 by Alejandro Cancino and Paola Moro, who have been CEO
TUI Foods
Cover.indd
1
TUI FOODS
CHANGING THE WAY AUSTRALIA’S FOOD SUPPLY CHAIN OPERATES.
3/3/22 5:12 pm
MAKING MISCHIEF WITH SODAS P18
MARCH 2022
SMART PACKAGING INSIGHTS P28
EXCELLENT LITTLE AVIATORS P34
WWW.FOODANDDRINKBUSINESS.COM.AU
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