Australia: SPC Ardmona sold to Shepparton Partners Collective
- François-Xavier Branthôme
Coca-Cola sells SPC Ardmona's Shepparton cannery business for AUD 40 million
Victoria's iconic Shepparton Preserving Company is changing hands again, as owner Coca-Cola Amatil has announced it has sold the business for AUD40 million (USD 28 million, Euro 24.8 million).
The cannery has been purchased by a Melbourne-based company, Shepparton Partners Collective, which is a joint venture between Perma Funds Management and The Eights and has domestic and international experience in food, supply chain, finance, retail, agri-business and technology.
The sale is expected to be completed by the end of this month and generate a profit of AUD 10-15 million for Coca-Cola Amatil (CCA). CCA is set to make another AUD 15 million in four years if business at the company is successful.
The CCA's group managing director, Alison Watkins, said there was strong interest from both domestic and international organisations during the divestment process. "Shepparton Partners Collective recognises the value of SPC's brands, the opportunities for innovation and category growth in Australia, and its export potential."
Perma Funds Management's Hussein Rifai said he did not see SPC as "just an Australian company".
SPC managing director Reg Weine welcomed the sale, which he said would allow the company to continue to expand its operations. "In recent years we've grown our market share in tomatoes and we recently launched Australia's first organic canned tomatoes," he said. "We're proud of those achievements and we're confident we can do more."
Source: abc.net.au, foodmag.com.au
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