Nuchev expands to supermarkets with Coles deal
Goat infant formula company Nuchev has sealed a multi-million dollar deal with supermarket giant Coles to launch its infant milk formula Oli6 in stores.
Nuchev’s premium goat infant formula brand Oli6 was initially launched in Chemist Warehouseand this is its first foray into Australian supermarkets.
As a result of a $30 million capital raising the company is considering options for international expansion beyond China.
Nuchev saw 400 per cent year on year growth in 2018 and is on track for over 300 per cent growth in 2019.
“Our capital raising, assisted by Moelis Australia, was fully subscribed and strongly supported by existing and new institutional investors who see the tremendous long term opportunity for Nuchev and our Oli6 brand. The next step is to accelerate this opportunity, with an IPO likely in the next 6 to 12 months,” Ben Dingle, Nuchev’s CEO and one of the original founders of the dairy business, Synlait Milk, said.
“This is an exciting time for the company. Oli6 is delivering on our vision of ‘food for a better life’. We are rapidly extending our distribution reach and introducing innovative products to our core range, supported by a dedicated Nuchev team in conjunction with our strategic manufacturing partners and supportive shareholders. We see a very bright future,” Dingle said.