AUSTRALIA: Keith Harris acquires controlling stake in Balfours
Australian food and beverages group Keith Harris has said it has acquired a controlling stake in bakery business Balfours Australia.
Sydney-based Keith Harris has acquired a 61% stake in Balfours, while specialist firm Bakery Systems bought a further 14% of the company.
"Balfours is well placed to capitalise on the current market dynamics where the grocery trade is seeking to consolidate its national supply base," Keith Harris was quoted by the Australian Associated Press as saying.
"Balfours will be able to deliver a national supply chain strategy to the major retailers in the area of cake and savouries," the company said.
Keith Harris said Balfours' sales revenue would approach A$100m (US$72.7m) after the completion of its recently announced acquisition of NSW-based Betabake.
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