Australia’s Nourish Foods has been snapped up by Tempo Group of Companies after entering voluntary administration earlier this year.
The healthy kids’ snacks business hired administrators last month due to a lack of working capital.
Financial details were not disclosed.
John McInerney and Matt Byrnes of accounting firm Grant Thornton were hired to find a buyer for Nourish and confirmed Tempo’s purchase.
A spokesperson said: “We are pleased to advise that on 5 October 2023 the business of Nourish, associated brands and related IP were sold to Tempo Group of Companies, who is the new owner and operator of the Nourish brand and its business.
“As receivers and managers, we are pleased to have been able to support the brand through to a positive outcome and find a suitable buyer who is motivated to see the brand continue.”
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Family-owned Tempo is a global supplier of mainly consumer and electrical goods, with offices in eight countries. Nourish Foods is the fourth addition to its food and beverage portfolio.
The group supplies canned seafood such as Paramount Salmon and Brunswick Sardines to retailers in Australia, New Zealand, the UK and North America. It is also present in private-label manufacturing.
The group snapped up Noumi’s (then Freedom Foods Group) seafood business for circa A$3m (then $2.2m) in 2021.
Just Food has contacted Tempo and Nourish for further details.
The change in ownership comes just five months after Nourish returned to the funding market, looking to add to the A$2.3m it had raised in the past three years.
Founded in Melbourne in 2005 by James Meldrum and wife Monica, Nourish Foods launched the Whole Kids range of organic and allergen-friendly foods with a “mission” to create nutritious snacks for children without the use of genetically modified organisms (GMOs), artificial colours, flavours or preservatives.
Nourish Foods generated revenue of more than A$23m in the past five years. It said sales were up 27% in fiscal 2022 compared to the previous year.