Produce Republic has bought In2Food out of receivership and says it is preparing to immediately resume relationships with suppliers and growers.
In2Food sources fresh fruit and vegetables directly from growers and produce markets, selling them to the hotel, restaurant and catering sector, including health and aged-care facilities, as well as food manufacturers.
After the heavy impact of Covid-related lockdowns on turnover, the company was placed in receivership managed by FTI Consulting, which oversaw a competitive bidding process for the crippled company’s sale.
Melbourne-based Produce Republic, which owns Yarra Valley-based frozen fruit supplier Aussie Frozen Fruit and other processing operations, said it would take over In2Food’s network of 10 storage, distribution and packaging facilities throughout Australia, its fleet of more than 100 trucks, and staff of around 400.
MD Brett Jackson believes Produce Republic is well-placed to return In2Food to profitable growth as Australia emerges from the disruption of Covid-19 and lockdowns.
“We’re excited by the potential of a recapitalised and revitalised In2Food,” Jackson said.
“While the business was adversely affected by Covid-19 it has outstanding fundamentals, with established supply relationships with local growers, a diverse customer base, loyal employees and an integrated national footprint. In2Food is uniquely placed to service both locally and at a national scale.”
He said Produce Republic is led by people who understand growers and their concerns.
“Our commitment is to partner closely with growers as we gear up to meet the surge in demand from customer segments like airlines, restaurants and catering as our economies open up.”