In a move to increase its presence in the rapidly developing plant-based food sector, Forbidden Foods has acquired plant-based snack bar company Blue Dinosaur for $4 million.
The company also completed a $5.5 million placement from existing and new investors at $0.24 a share.
Forbidden Foods co-founder and CEO Marcus Brown said they are pleased with the interest displayed by the range of investors in the placement.
“I would like to thank our existing and new shareholders for their support as we embark on this exciting period of growth for the company,” said Brown.
Strategic acquisition of Blue Dinosaur
Founded in 2011, Blue Dinosaur manufacturing protein bars, snack bars, energy bars and bites. Its target market has been health-conscious millennials.
Brown said they are excited to add Blue Dinosaur into the company’s growing health and plant-based product range.
“The Australian based family business presents strong cultural alignment to Forbidden Foods and will be transformative in nature as it allows us to elevate our revenue position and expand our position in the market,” said Brown.
Primarily appealing to female consumers aged 18-34, the brand uses wholefood ingredients and distributes its products nationally and internationally in over 8000 outlets such as:
- major supermarkets;
- independent grocers and health food stores;
- petrol, convenience retailers; and
- gyms and cafés.
The Blue Dinosaur network will provide Forbidden Foods access to the petrol and convenience channel as well as additional pharmacy and major supermarket channels.
Forbidden Foods has forecast its combined revenue with Blue Dinosaur for FY21 at $7.9 million.
Brown said the acquisition was an opportunity to accelerate its international expansion capabilities, leveraging Forbidden Foods’ existing Asia partnerships to strengthen global market distribution. The company has been increasing its Asian presence, having recently signed deals with Philippines-based Moshi Wellness and China-based Winhealth Pharma.
Blue Dinosaur’s footprint in Australia, New Zealand, the UK and US, also align to Forbidden Foods market strategy.
Brown said they look forward to working with Blue Dinosaur team members.
“Blue Dinosaur has built a brand which resonates strongly amongst the active and health-conscious millennial demographic who are inclined to choose plant-based and natural food products for themselves and their families, further boosting Forbidden Foods offering and penetration into the rapidly growing global plant-based foods market in Australia and overseas,” said Brown.
