Keytone Dairy has announced the acquisition of Omniblend, a leading Australian-based contract manufacturer of high value, formulated, blended powder products and long-life UHT drinks.
Keytone is a leading New Zealand-based manufacturer and exporter of formulated dairy and nutrition powdered products.
Keytone’s Chairman, Peter James, said the acquisition of Omniblend will transform Keytone into a leading player in the health, wellness and nutraceutical sector with enhanced operational capacity and market leading facilities in Australia.
“This is a compelling and transformational acquisition for Keytone,” Mr James said.
“Keytone is fast tracking its development and the acquisition is underpinned by a strong strategic rationale and articulated upon our four-pillar growth strategy.
“The acquisition offers scale and diversification to Keytone’s existing business, with a depth of product offering and manufacturing expertise and capability. The Omniblend customer base includes a range of highly credible Australian and foreign contract manufacturing clients and the combined company will be substantially diversified, both in terms of its product mix, and in terms of its geographic markets and customer base.”
The acquisition and associated costs, which are valued at $22.61 million, will be funded through a combination of an equity raising and Keytone shares.