Buderim Group has entered a binding agreement with the Queensland-based Himstedt Family to sell its ginger and tourism business for $13 million.
The deal comes after the group announced it had received an offer of $8.3 million from Global Foods Group in July. The principal shareholder and executive chair of Global Foods, George Vasili, also had a 15.85 per cent stake in Buderim.
The sale is expected to be completed in September 2020, subject to conditions including Fiji regulatory approval.
Cash proceeds will be used for debt reduction and working capital as the company focuses on expanding its macadamia business and plant-based proteins.
Tom Himstedt said the family was pleased to be the next custodian of the iconic business and an integral part of the Sunshine Coast community. “We hope that with the knowledge and skills of the existing Buderim Ginger team and our interest in delivering great products, we will together create an exciting new chapter.”
The Himstedt family acquired Queen Fine Foods in 1978 until its sale in 2015.