The acquisitive Pure Foods Tasmania has snapped up another company in its domestic market, buying Australian firm Lauds Plant Based Foods.
Pure Foods Tasmania (PFT), which listed on the Australian Securities Exchange last April, struck a deal to acquire Lauds for AUD350,000 (US$265,659), plus working-capital adjustments.
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Lauds, set up in 2017 and also based in Tasmania, manufactures dairy-alternative products principally from nuts and oats. PFT already has a presence in the plant-based market, selling dairy products made from ingredients including almonds and oats under its New Pastures brand.
Michael Cooper, PFT’s chief executive, said: “We believe we can build an amazing business that can bring more and more plant-based food and beverages to Australia and distributed to our core export customers, principally in Hong Kong and Singapore. We think Lauds is a great fit and we are excited about the opportunities for Lauds and PFT.”
Lauds “budgeted revenues” for its 2021 financial year is AUD400,000, which would equate to an increase of more than 150% on 12 months earlier, PFT said, adding the firm made a net profit in its 2020 fiscal year.
Formed in 2015 to “acquire, grow and develop premium food businesses in Tasmania”, PFT has since bought local pâté supplier Tas Pate, salmon and trout firm Woodbridge Smokehouse and Daly Potato Co., the latter firm being snapped up last September. Upon its listing, PFT announced its strategy of acquiring more food and beverage businesses.
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By GlobalDataLast month, PFT reported a 39% rise in half-year group sales to AUD3.8m, which contributed to a near-tripling of EBITDA to AUD160,453.
