Shares in Broo Limited have risen after news it is buying the Victorian beer company Mildura Brewery for $1 million, giving it the capacity to expand its product range and distribute nationally.
The acquisition of the Mildura-located brewery, one of the first craft breweries and contract brewing facilities in Australia, includes the commercial brewery facility and the various Mildura Brewery beer brands currently in production.
Broo executive chairman Kent Grogan said this represents yet another exciting stage in the growth and development of the Company’s operations within Australia.
“The acquisition provides Broo with an exciting extension of our existing business by providing a micro-brewery hospitality venue for Broo to showcase and realise retail margins for its beer products,” he said.
“This model is in line with the Company’s domestic growth strategy with additional sites currently being evaluated for further expansion.”
Broo Limited shares were up 1 cent or 2.8 per cent to 36.5 cents at 1122 AEDT on Thursday.
