The financial plight of Maggie Beer Holdings (MBH) – it recorded a loss of $24.3 million in FY25 and $28.2 million in FY24 – has been thrown a lifeline by two of Australia’s leading food manufacturers.
Bickford’s Group owner, Angelo Kotses, increased his stake in the company in mid-October from 5.6 per cent to 19.99 per cent.
MBH chair, Mark Lindh, said Kotses’ “significant experience” in growing FMCG and premium food and beverage businesses would help grow MBH.
The Bickford’s Group owns a number of alcoholic and non-alcoholic beverage brands including its eponymous cordials label, Beresford Estate wines in McLaren Vale, the Beenleigh Rum Distillery in Queensland, spirits business 23rd Street Distillery and Vok.
Vok recently bought the original ready-to-drink brand, UDL, and Rusky Lemon from Diageo.
The MBH board expects a representative of Kotses will nominate for the board.
On 22 October, MBH announced Frisden, an entity associated with Maurice Crotti, the owner and CEO of San Remo, had acquired a 13 per cent stake in the business through a $3 million placement. Eligible shareholders will also be offered shares at the same price to raise up to $2 million.
The raise was priced at 5.6 cents per share, a 10 per cent discount on the 6.2 per cent average price in the month to 20 October.
Lindh said, “The board welcomes an investment in the company from a highly credentialed and experienced operator in our sector.”
