• Nature One Dairy founder and CEO Nick Dimopoulos.jpg
    Nature One Dairy founder and CEO Nick Dimopoulos.jpg
Close×

Australian based dairy manufacturer Nature One Dairy says it has reached agreement with Nepean River Dairy to buy the business for $36.5 million.

The deal was based on a debt free-cash free basis, with normal level of working capital at completion. Consideration will be paid by way of issue of shares in Nature One at an agreed enterprise value of $70 million.

Nature One Dairy founder and CEO Nick Dimopoulos said the deal would strengthen its position and expand its product range for domestic and export markets.

Nepean River Dairy’s manufacturing capabilities and product portfolio will merge into the Nature One Dairy brand.

Dimopoulos said the company’s strategy was to build a global dairy company based in Australia. Nepean River Dairy’s liquid and ready-to-drink capabilities would complement its current milk powder operations.

“Our business has grown more than 30 per cent over the past 12 months despite challenging conditions. That proves our strategy of establishing sales and distribution footprints in South-East Asia and vision of building a premium, global dairy business with Australian made credibility is working,” Dimopoulos said.

The acquisition is subject to shareholder approval at a Nature One Dairy general meeting which is expected to be called and held in mid-August 2021.

Packaging News

In the APPMA’s free Digital Lunchtime Series, starting tomorrow a panel of industry experts from AMGC, APCO, Ai Group, and Detmold Group will dissect the topic Manufacturing: Adapting to the New Normal.

TricorBraun has entered into an agreement to buy Australian closures manufacturer Cormack Packaging, marking its first acquisition in ANZ. The transaction is expected to close end September.

The ongoing shipping crisis is causing an increasing number of Australian companies to look at sourcing packaging locally, as importing from China becomes more costly and takes longer.