Newly-formed Australian snacking company RiteBite Group is positioning itself to lead the $1 billion nutritional snacks market with the addition of eight leading health brands to its growing portfolio.
Ritebite is owned by Australian private equity firm Quadrant Private Equity, which restructured the Darrell Lea business into a broader snacking group of brands.
With confectionery brands Darrell Lea, RJ’s (NZ) and LifeSavers already under its belt, Ritebite Group has now purchased The Bar Counter, ThinkFood Munch, Well Naturally, Smooze, CrispyFruits, Power Superfoods, Planet Food and Systemax.
The addition of these brands is part of the Group’s plans to become Australia’s leading and most diverse snacking company, building a portfolio of products that ranges from healthy and nutritious to purely indulgent.
“The evolution of what, how and where Australians consume food sees snacking growth outstripping the broader food sector with ‘better for you’ snacks growing at an even faster rate,” Tim York, CEO of RiteBite Group and Darrell Lea said. “Given these trends, we felt this was a natural expansion opportunity for our business.”
“Since our turnaround started seven years ago, our goal has been to ensure that our company earns a place in the hearts and minds of today’s consumer and, as part of that plan, we feel it’s important to cater to the snacking needs of modern Australians.”
The new company also plans to grow sales in the export market with NZ initially and subsequently into the US.
“We aim to be the market leader in ‘better for you’ snacking by bringing innovation, scale, category insights and consolidation to this highly fragmented market. With these acquisitions, we now have a strong base from which to build and we anticipate double-digit growth across all these brands through new product introductions, distribution gains and channel expansion.
“We anticipate 20% of the company’s business profits to be generated from healthy snacks within three years, underlining RiteBite Group’s vision of meeting the evolving and health-focused snacking preferences of Aussies.”
The expansion of RiteBite Group will not impact jobs, with no immediate change to manufacturing across the newly acquired brands.