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Sustainable Nutrition Group buys Australian Superfood Company

(Source: Facebook)

ASX-listed Sustainable Nutrition Group is to purchase The Australian Superfood Company, for $3 million.

Australian Superfood makes and distributes premium plant-based health and wellness products including beverages, nutraceutical and cosmetics products featuring native and indigenous fruits and ingredients such as Bush Apple, Bunya Nut Meal, Aniseed Myrtle, Desert Lime, Wattleseed, and Finger Lime.

Sustainable Nutrition Group MD Neale Joseph described the acquisition as a significant milestone for the company in delivering its strategy of expanding the production and sale of plant-based, sustainable and traceable ingredients and products.

“The Australian Superfood Company’s strong management team has built a business delivering exceptional sales growth, with B2B revenue accounting for 85 per cent of sales, a robust supply chain and strong business fundamentals.”

He said the deal will add scale to the company in the fast-growing ingredients market with new branded products and geographies, including accessing existing export markets of South Korea and the US.

The purchase will be funded through an institutional placement of $4.7 million in new shares and is expected to add to the company’s earnings from the current year onwards. Settlement is scheduled for January 28. 

Surplus funds raised will be applied to product innovation and development costs for isolate and concentrates, brand development and investment in online marketing to drive awareness of Mt Elephant and Field Day, and investment in product, machinery, and software to reduce distribution costs.

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