Keytone Dairy, a New Zealand-based milk powder maker, has acquired the health and wellness brand Super Cubes from Australia’s 40Forty Foods.

Located in Christchurch, New Zealand, Keytone said in a statement it has purchased the assets, brands and business of 40Forty Foods for AUD726,000 (US$496,798). Super Cubes, based in in Sydney, manufactures a range of health-based smoothies and plans to introduce Wholefoods Bars in the final quarter of the year.

Keytone described the range as “all natural, frozen cubes of fruits, vegetables, plant-based protein and highly nutritious ingredients for a nutrient enriched smoothie across multiple product SKUs”. 

Super Cubes products are stocked across Australia in Woolworths and independent supermarkets. In its first full year of trading, the company generated sales of AUD650,000.

Keytone said the deal was exercised through AUD120,000 in cash, the settlement of AUD463,000 of Super Cubes’ debt, a deferred cash payment of AUD143,000 payable over two years, “plus the issue of performance shares convertible into Keytone shares dependent on substantial increases in Super Cubes performance over the next three years”.

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“The strategic acquisition accelerates Keytone’s growth into high-value, high-margin proprietary products,” Keytone said, adding the transaction represents 1.4 times EBITDA for fiscal 2021. 

Keytone’s chief executive Danny Rotman said: “Super Cubes is an exceptionally attractive acquisition for Keytone. The brand has a fast-growing, highly appealing range of products for the health conscious, time-poor, consumer. Keytone will be able to leverage its existing distribution channels in core markets, including China, to grow the Super Cubes brand internationally executing on the early-mover advantage in the health and wellness sector globally.” 

Super Cubes was founded by Ash McMillan who will stay with the business. The deal is subject to clearance by the Australian Securities Exchange, shareholders, the board of directors, and “regulatory or third-party consents”.