Shepparton-based food company SPC will be back in public hands when it merges with a juice company and a dairy company, it was announced today.
SPC Global chairman and chair of the merged company Hussein Rifai said the transaction was a critical step in advancing the global strategy that had guided SPC since its divestment from Coca-Cola Amatil.
“It aligns with SPC’s long-term vision of transforming SPC into a global leader in the food and beverage sector,” he said.
Mr Rifai, a Sydney based investor, said the company’s goal was to create better, healthier food for the future.
“Since acquiring SPC from CCA, our strategy has been to firmly establish ourselves as a leader in both the Australian and global markets,” he said.
“Building a strong foundation in our home market is vital for sustainable growth and success.
“Our immediate focus is on solidifying SPC’s position as a domestic market leader. This is the essential first step before executing our broader global strategy, which targets key international markets, particularly in Asia, where we see significant growth opportunities.”
SPC Global will be the biggest partner in the merger with dairy company Nature One, based in Carrum Downs, and the Original Juice Company, which has a factory in Mill Park.
Former Asahi Beverages Group chief executive and current SPC Global director Robert Iervasi has been appointed the managing director of the merged business, which will own and operate three business divisions: SPC, The Original Juice Company and Nature One Dairy.
SPC Global produces household food brands such as SPC, Ardmona, Goulburn Valley, ProVital, Pomlife, the Good Meal Co and Street Eats.
The Original Juice Company specialises in chilled fruit and vegetable juices, including higher value juices, infused fruits and fruit waters for Australian and overseas markets.
Nature One Dairy is a Singapore-registered, Australian-founded dairy company that manufactures and sells premium infant formula, nutritional formula and milk powder products.
Mr Iervasi said SPC Global was excited to be joining with The Original Juice Company and Nature One Dairy, and come to market with a leading food and beverage platform.
“With our market-leading packaged fruit, canned tomatoes and baked bean products, we are excited to expand with OJC both domestically and globally and see significant synergy potential in bringing the two producers together,” he said.
The Original Juice Company will acquire SPC Global and the powdered milk business owned by Nature One Dairy via a binding merger implementation deed and share sale agreements subject to several conditions, including approval by the Original Juice Company shareholders in November.
The merged company will be listed on the Australian Stock Exchange with the SPG prefix.