Pure Foods Tasmania (PFT) has acquired premium ice cream brand, Elato, as it looks to restructure its frozen desserts portfolio and establish a new multi-brand ice cream division.
Elato, founded by Roz Kaldor-Aroni and Benni Aroni, is currently ranged on the east coast in more than 400 supermarkets, including Woolworths, and cinema channels. Its annualised revenue is more than $600,000.
Under the deal, PFT will acquire all intellectual property, recipes and supply agreements for an initial $50,000 in PFT shares, with up to four million additional shares tied to revenue and profitability milestones.
Elato won the Rising Star Award in this year’s Hive Awards, and was the Rising Star profile in the April/May 2023 magazine edition of Food & Drink Business.
Kaldor-Aroni will be general manager of the newly created Ice Cream Division, which merges Elato with PFT’s existing plant-based brand The Cashew Creamery. Her remuneration will be entirely in PFT scrip, with a portion linked to performance.
PFT said the acquisition broadens its category reach beyond its vegan Cashew Creamery brand, enabling it to participate in both dairy and non-dairy segments. The combined division is expected to drive greater utilisation of PFT’s $1.2 million Tasmanian ice-cream manufacturing assets, with a focus on contract-packing, licensing and new product development.
As part of the transaction, the Aroni Family Trust will also invest $200,000 in PFT through the issue of 6.7 million shares at 3c each and 1.4 million options exercisable at 7c.
Chair Malcolm McAully said the deal addresses the limitations of a single-brand vegan offering and opens new commercial pathways, noting the leadership of Robert Knight, director sales, in securing the opportunity.
PFT is preparing to consolidate production in Tasmania, a move expected to generate at least three new skilled jobs, with further expansion potential as the division scales. The company will formally showcase the new division and upcoming product launches at its AGM.
