Pure Foods Tasmania has acquired Tasmanian plant-based ice cream business The Cashew Creamery for $420,000. The deal follows PFT’s recent purchase of plant-based cheese business Lauds as it seeks to cement its position in the plant-based foods market.
CEO Michael Cooper said the deal further strengthened the company’s footprint in plant-based foods.
“The Cashew Creamery has a very unique product that as far as we are aware is a first for the Australian market, with a base ingredient of cashews as opposed to competitors who use coconut,” Cooper said.
TCC was established in 2016 by Jen Bruyn Schmidt and Matt Schmidt. Its range has five flavours of dipped ice cream bars and four flavours of 483 millilitre tubs. It is currently distributed throughout Australia with around 250 stockists.
Its year-to-date sales as on 9 March, were 50 per cent more than the previous corresponding period.
The acquisition price of $360,000 plus working capital adjustments of roughly $60,000 would be funded via cash and a share issue at $0.737.
Cooper said the purchase would provide “significant expansion potential” through PFT's structure, resources, and management team. Lauds and TCC have an established relationship and working partnership including co-purchase agreements for ingredients.
Jen Bruyn Schmidt will continue to be actively involved in the business, driving NPD in plant-based foods in collaboration with the Lauds team.
Listen to the Food & Drink Business podcast episode with Pure Foods Tasmania CEO Michael Cooper here.