Global multi-brand retail food franchisor Retail Food Group (RFG) has entered into a Share Purchase Agreement to acquire Australian food service and manufacturing business Hudson Pacific Corporation for $88 million.
Hudson Pacific is a leading Victorian independent foodservice business that also comprises Dairy Country – Australia’s largest independent cheese value-adding enterprise – and Bakery Fresh, a Victorian based manufacturer of chilled/frozen value-added bread products.
With a combined 70+ years experience in foodservice, procurement, warehouse, distribution and manufacturing, Hudson brings to the table $139 million in revenue from its food and beverage distribution business that services over 2000 retail outlets and restaurants.
RFG Managing Director Andre Nell said the acquisition of Hudson – subject to confirmatory due diligence & usual conditions – marked the company’s formal transformation into a full service food and beverage company.
He said the move will provide the Group with access to new markets and meaningful vertical integration opportunity.
“The acquisition provides RFG immediate expertise and scale in food service, dairy processing and bakery manufacture, offering benefits for both franchisees and wholesale customers through an enhanced procurement, manufacturing and distribution offering,” Mr Nell added.
In parallel with the Hudson acquisition, RFG also announced its full year accounts to 30 June 2016, achieving record underlying Net Profit After Tax of $66.4m – a 20.5% increase on the previous period – and the product of record FY16 EBITDA of $110.2m, an increase of 24% on FY15.
