Froyo Robotics, a California-based ice-cream vendor, has bought the Lumi soft-serve brand from Coca-Cola Amatil in Australia.
Froyo, which already has the Reis & Irvy’s brand under its wing, said it has entered into an exclusive licensing agreement with Coca-Cola Amatil for the manufacture and distribution of the dairy-free, fruit-based Lumi range.
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The agreement is between Coca-Cola Amatil’s subsidiary, the Perfect Fruit Company, and Lumi Impossibly Good Pty, which is owned by Froyo Robotics. Financial details were not disclosed in a statement from San Diego-based Froyo. India, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives are excluded under the terms.
Earlier this year, Coca-Cola Amatil sold its fruit and vegetable business SPC Ardmona to Shepparton Partners Collective – described as a joint venture between finance house Perma Funds Management and private-investment firm The Eights – but retained the Lumi and Perfect Fruit brands.
Troy Bingham, the managing director of Froyo, said the acquisition included the Lumi brand and all Lumi self-serve machines already in place in restaurants, convenience stores, hospitals, theme parks, entertainment centres and universities.
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However, Froyo plans to expand supply to schools, airports and shopping malls and at the same time will seek to increase distribution into existing channels. It also plans to expand the Lumi brand internationally and introduce new products such as smoothies, shakes, slushies and hard pack ice-cream tubs.
He added: “Froyo Robotics owns the highly successful Reis and Irvys robotic soft-serve business in Australia. So when the opportunity came up to acquire the Lumi brand and enter into the exclusive license arrangement, it was a natural progression for us. The Lumi product has excellent consumer feedback and Coca-Cola Amatil has done a very professional job getting the business to the level it can now be rolled out internationally.”
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