Freedom Foods Group has revealed the identity of the Australian manufacturer it said in December it was set to buy – sports nutrition firm Power Foods International.
Power Foods owns the Vital Strength brand and sells a range of products including powders and supplements.
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In December, Freedom Foods Group said it was nearing an acquisition in its domestic market and in North America. Yesterday (28 February), alongside the publication of Power Foods as its domestic deal, Freedom Foods Group said it would not complete the acquisition of the unnamed business in North America.
Freedom Foods Group said the deal, struck for AUD20m (US$15.3m), would see it expand its “brand and category segment offering into the sports and adult nutrition market”.
The two companies have already worked on securing retail distribution for a range of snacks and beverage products under the Vital Strength brand, Freedom Foods Group said. The products, to be made within Freedom Foods Group’ manufacturing network, will go on sale in June.
Freedom Foods Group said it plans to market the Vital Strength range on its e-commerce platforms in China.
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By GlobalDataPower Foods makes its protein powders at its own blending and packing facility in Sydney. Freedom Foods Group said “in the medium term” Power Foods will source dairy protein ingredients from a facility its new owner is looking to set up further south in Shepparton to make dairy nutritional ingredients for other manufacturers. Freedom Foods Group said the new facility, not yet up and running, would install “first-stage protein standardisation” by June.
Power Foods’ blending and packing facility will move from Sydney to Shepparton “in the medium term”, Freedom Foods Group added.
The acquisition is set to close on 1 May.
