Baby food maker Bubs Australia has bought a Victorian goat’s milk powder producer in a $39 million deal it says will set it up to develop the market for infant and adult goat milk products in Australia and in China.
Bubs has bought NuLac Foods, the owner of the Caprilac and Coach House Dairy food brands and an almost 50 per cent share in NuLac’s processing facilities.
NuLac has a farm at Yarragon in west Gippsland and a processing plant at Keysborough in Melbourne’s southeast.
Chief executive Nicholas Simms said the deal gives Bubs an exclusive supply of its key ingredient from one of Australia’s largest goats milk producers as well as supply from New Zealand farms.
“Clearly, securing access to such an important key ingredient will increase market confidence and mitigate regulatory risk,” Mr Simms said.
“The combined strength of the organisations will deliver a highly compelling proposition and accelerate our collective growth in our domestic markets, and in China and south east Asia.”
It also includes NuLac’s Caprilac brand, which includes goats milk powder and yoghurt for adults sold in major supermarkets.
Shares in Bubs were up as much as eight per cent in morning trade after coming out of a two-day trading halt in which the company completed a $15 million institutional share placement.
They fell back to be 4.4 per cent higher at 83 cents, by 12.26pm.
The deal includes NuLac’s sales and marketing, IP and brands and a call option to buy the Australian farm operating company and associated goat farms.
Source: The Weekly Times
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