PERTH: Pure Foods Tasmania Limited (PFT) announced the acquisition of Daily Potato Co Pty Ltd’s assets and business was finalised on 2 October 2020.
The Managing Director of PFT, Michael Cooper, commented: “We have a lot going on, but with this being such an important project we have ensured that all resources were applied to fast track the process. I am thankful that all our staff, our legal and financial advisers, along with Susie and Gerard Daly, have all knuckled down to complete the purchase in record time.
“The deeper we have dug the more excited we have become as the product depth and new product development opportunities are endless. We identified the breadth of opportunity to begin with but are pleasantly surprised that the opportunity is even greater than we originally estimated.
“Moreover, we have identified additional cost savings and think margins can be improved faster than we had initially anticipated so we have some early wins on both the top line and cost savings.
“As stated at the time of the announcement to the market on 9 September, the acquisition supports, and underpins our focus on ’meal solutions’ and provides PFT with greater product depth, product diversity and a critical beachhead into the rapidly growing plant-based market.”
Pure Foods Tasmania Limited (PFT) announced on 9 September it had agreed to buy the assets and business of Daly Potato Company (DPC) for $1.8 million, with a mixture of cash and shares.
The acquisition meets a number of key metrics for PFT and merges two businesses that are both strategically and operationally aligned and service the same core retail customers.
In FY20, DPC recorded trading revenue of just over $2 million and achieved compound annual growth in revenue of 33% over the two years to 30 June 2020.
Leave a Reply