Page 65 - Food&Drink Magazine November-December 2021

MEALTIME FOR HELLOFRESH
Meal kit company HelloFresh entered a scheme of arrangement with ready meal specialist Youfoodz to buy 100 per cent of the company for $125 million. The proposed sale doesn’t leave Youfoodz shareholders hungry, with the proposal offering $0.93 per share, 82 per cent higher than its last close at $0.51 cents. That said, investors who bought shares at $1.50 in Youfoodz’s initial public offering in December last year are still running at a loss with its shares never trading above that issue price.
Youfoodz will continue to operate under its own brand with founder and CEO Lance Giles staying at the helm.
NATURE ONE DAIRY ACQUIRES NEPEAN RIVER DAIRY
Australian based dairy manufacturer
Nature One Dairy said it had reached an agreement with Nepean River Dairy to buy the business for $36.5 million. Nepean River Dairy’s manufacturing capabilities and product portfolio will merge into the Nature One Dairy brand.
The deal was based on a debt free-cash free basis,
with normal level of
working capital at completion. Consideration will be paid by way of issue
of shares in Nature One at
an agreed enterprise value of $70 million. Nature One Dairy
founder and CEO Nick Dimopoulos said the deal would strengthen its position and expand its product range for domestic and export markets.
MARQUIS INVESTS $35M IN PLANT AND PROCESSING Macadamia business Marquis Group invested $35 million in production capacity and pasteurisation technology across its operations, which will increase processing capacity from 12,000 to 15,000 tonnes annually and create up to 40 jobs at its Bundaberg facility.
Marquis said it would spend $30 million on new cold storage, and specialised drying and packing facilities at its Bundaberg processing facility in Queensland. It was in addition to its announcement in April that $13.5 million was going to be spent on expanding the site.
COCA-COLA GOES HARD, ENTERS ALCOHOL MARKET Coca-Cola Australia has entered the Australian alcohol market with the launch of Topo Chico Hard Seltzer, a mix of sparkling water, alcohol and natural flavourings. The move is part of Coca-Cola’s bid to diversify its portfolio.
Coca-Cola South Pacific vice president Robert Priest said Topo Chico is targeted at consumers
looking for something new this summer.
“Our strength is in making great tasting drinks and we have a strong track record in
sparkling waters, so there’s not a lot we have to change in terms of manufacturing. It made
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