SYDNEY, AUSTRALIA: Founders First Limited has announced the successful completion of its Initial Public Offer and listing on the Australian Securities Exchange (ASX). Founders First funds many different growth strategies; including acquisitions, sales & marketing, expansion rollouts, exporting and fixed assets.
Founders First Limited raised $15.78 million comprising 31.561 million new, fully paid ordinary shares and representing 26 percent of total issued share capital.
Founders First intends to deploy the funds specifically raised under the offer to accelerate the growth of the Jetty Road and Foghorn businesses and expand brand distribution; complete the acquisition of additional majority, controlling or minority interests in additional, high quality craft breweries and distilleries; acquire interests in and/or accelerate the development of, additional hospitality venues; expand Founders First’s Indie Craft Collective services team; and ivest in Founders First’s existing export capabilities.
Founders First Limited Managing Director and CEO, Mark Haysman commented, “Today represents an important milestone for the Founders First team, our craft brand Partners and our existing and new shareholders. “Market fundamentals for independent craft beverages in Australia, and internationally, are highly attractive. With a strong and flexible balance sheet, we are well positioned to continue to capture high quality investment opportunities, and leverage our accelerator business model, to deliver value accretive sales, marketing, and hospitality initiatives across the brand portfolio”.
In conclusion, Mr Haysman said, “I am tremendously excited by the opportunities we have in front of us as we pursue our vision of becoming Australia’s leading craft beverages group that delivers sustainable, long term value for our shareholders.”