MELBOURNE, AUSTRALIA: The Sustainable Nutrition Group (ASX:TSN) has entered into an agreement to acquire The Australian Superfood Company for A$3.0 million.
The Australian Superfood Company is a market leading producer of Australian native and indigenous foods and ingredients, beverages, nutraceutical and cosmetics products.
It is the market leading supplier of a diverse range of native and indigenous fruits and ingredients such as Bush Apple, Bunya Nut Meal, Aniseed Myrtle, Desert Lime, Wattleseed and Finger Lime to both the domestic and export markets.
The Australian Superfood Company has an established supply chain built on long term relationships across a network of local growers and indigenous communities and has the capability to scale the volume of supply to meet future demand.
This acquisition provides the Company with further scale in the rapidly growing ingredients market with new branded products and geographies, including accessing existing export markets of South Korea and the USA.
The Sustainable Nutrition Group Managing Director, Neale Joseph, said, “The acquisition is another significant milestone in the delivery of our stated strategy of generating shareholder value through the production and sale of plant based, sustainable and traceable ingredients and products.
“The Australian Superfood Company’s strong management team has built a business delivering exceptional sales growth, with B2B revenue accounting for 85% of sales, a robust supply chain and strong business fundamentals. I am delighted T he Australian Superfood Company’s management will be joining the TSN team and are committed to realising the significant growth potential of the business.”
The acquisition is expected to complete on January 28th 2022, following satisfaction of conditions precedent including the capital raising of $4m and the finalisation of two employment contracts for key personnel.
The Sustainable Nutrition Group is a vertically integrated business which produces, manufactures and distributes a range of sustainable and plant -based nutrition brands, including hemp products