Just Food

Private-equity firm buys majority of Australian dairy supplier Procal

Anacacia Capital has invested a majority stake in Australian dairy supplier Procal, marking the first time it has entered the dairy business.

Private-equity firm company Anacacia Capital has acquired a majority stake in Australia-based dairy supplier Procal.

In a statement announcing the deal, Anacacia described Procal as “one of Australia’s leading independent dairy processors".

Melbourne-based Procal, which started trading in 2003, markets a range of dairy products under its namesake brand.

The company, founded by father and son Nick and Adam Thyssen, has a product range that also includes fruit juices under The Great Australian Squeeze and Milla's brands. It sells to retail, foodservice and manufacturing customers in the Australian states of Victoria and New South Wales from a site in Melbourne.

The financial terms of the transaction, which marks Anacacia Capital's entry into the dairy sector, were not disclosed.

In the statement, Anacacia Capital said the deal was a “classic Anacacia style investment, helping retired founders to sell a majority stake and partner the next generation to take the business up a level".

The private-equity firm's previous investments in food include Australian dips business Yumi's Quality Foods, which it sold to Associated British Foods in 2018.

Invesment director Ranitha Mapatuna added: “We have long admired the Procal team for their entrepreneurial drive, differentiated offering and success in building a strong brand. We are delighted to partner with them and support their plans to grow Procal’s presence in Australia."

According to The Australian Financial Review, Procal generated revenue of A$100m (US$65.4m) and profit of $3m in the company's last financial year. Just Drinks has been unable to immediately confirm the figures.

Procal CEO Laney Quinn said “partnering with Anacacia marks an exciting new chapter for us".

Quinn added: "Their deep experience with family business and a relationship built over ten years made them a natural fit.

“Together, we’re looking forward to strengthening our operations, expanding our capacity, expanding our family legacy and continuing to deliver on our promises to customers, suppliers and staff.”