PZ Cussons Australia and New Zealand has purchased organic yoghurt manufacturer, five:am for £44.1 million.
Part of the international consumer products group, PZ Cussons Plc, the domestic business has achieved strong growth in the food and nutrition category in the past 12 months, including the acquisition of baby food brand. Rafferty’s Garden.
“It’s another exciting step for the Australian business and reflects our strategy of developing and acquiring leading brands in their respective categories,” Nigel Simonsz, chief executive of PZ Cussons Australia and New Zealand.said. “We see significant potential for five:am and, together with Rafferty’s Garden, we are building a strong portfolio of nutritious Australian food brands alongside our well-known brands in personal care and home care such as Radiant, Morning Fresh, Original Source and Imperial Leather."
Five:am was founded in 2011 and has its manufacturing operations in south-east Melbourne. David Prior, founder of five:am, will continue to be involved with the business following completion of the deal.
"I’m delighted that five:am has chosen a great home for the future,” he said. “The cultural fit with PZ Cussons was apparent immediately and I’m sure the business will flourish under its ownership,” he said.
Five:am is being acquired on a cash and debt free basis and is expected to be earnings enhancing in the current financial year.