SYDNEY – Pure Foods Tasmania Ltd (ASX: PFT) said on Thursday it has entered a binding agreement to acquire the assets of premium seafood brand Brilliant Food Australia Pty Ltd (BFA), a move that would boost its annual revenue by roughly 24%.
The all-share transaction is valued at A$300,000, to be satisfied through the issuance of 7.5 million PFT shares at A$0.04 each, subject to shareholder approval at the company’s upcoming annual general meeting.
The vendor has also agreed to subscribe for A$200,000 of PFT shares at A$0.03 per share, a premium to recent trading levels, which PFT said demonstrated the seller’s confidence in the company’s strategy.
BFA generates approximately A$1.3 million in annual revenue from a concentrated footprint of about 50 stores, primarily in the Sydney market. The acquisition would add to PFT’s FY25 revenue of A$5.38 million.
Pure Foods Tasmania has been manufacturing BFA products at its Woodbridge facility since November 2025 under a contract manufacturing agreement that yielded a 12.5% margin.
The deal allows PFT to capture the full product sales margin going forward, while the existing contract manufacturing arrangement will terminate upon completion.
“Brilliant Food Australia is a proven, well-regarded brand with excellent product fit for our core business strategy,” said Executive Chairman Malcolm McAully. “The acquisition increases utilisation of our Woodbridge facility and provides a platform to expand distribution of the product range through our existing network.”
The acquisition is structured as a business and assets purchase, meaning PFT will not assume any of BFA’s liabilities. Shares issued to the vendor will be escrowed for 12 months.
Completion remains subject to customary conditions, including shareholder approval and the assignment or novation of key contracts. PFT expects the transaction to close following satisfaction of those conditions.
PFT’s brand portfolio includes Woodbridge Smokehouse, Tasmanian Pate, Daly Potato Co and the PFT Ice Cream Division. The company said the combined manufacturing volume from the acquisition would be well accommodated at its existing facility, improving production efficiency.