Re:Capital Australia, Hilco Capital’s Australian unit, has formed a confectionery holding company as it pursues growth in the country’s premium confectionery sector following its acquisition of Betta Foods.
The investment firm has taken 100% control of Betta, which manufactures liquorice, marshmallows and snowballs under the Capricorn and Eskimo brands. The company generates an annual turnover of AU$30m and employs 150 staff. The financial details of the transaction were not disclosed.
Re:Capital is working to grow its presence in the premium confectionery space building on the acquisition of Ernest Hillier Chocolates in February this year. Re:Capital’s confectionery interests will be managed under an umbrella holding company, The Confectionery Innovation Group.
“We are continuing to invest in Australian businesses where we see true potential for expansion and for growth,” Re:Capital CEO Paul McGowan commented.
McGowan said that the investment firm believes there are “enormous opportunities” for Australia’s specialist confectioners. In particular, he said that Re:Capital would leverage its “global network” to assist companies in its holding group to take their products to a “worldwide audience”.
James Turner, investment director for Re:Capital Australia, said Betta Foods is the “perfect match” for the Confectionery Innovation Group due to its “strong” manufacturing facilities, “experienced and capable” staff and “excellent product range.”
“It perfectly complements our Ernest Hillier chocolate business and we look forward to working to achieve the continued successful expansion of this company within the new Confectionery Innovation Group,” Turner added.