The SunRice Group’s CopRice business will expand further into the branded pet food market after signing a share purchase agreement to acquire 100 per cent of SavourLife.
SavourLife is an Australian pet food company which specialises in premium dog food and treats, while striving to deliver on its social mission to save and re-home abandoned dogs.
The $20.3 million acquisition will see SavourLife integrated into CopRice, using CopRice’s existing manufacturing and nutrition capabilities to help accelerate the growth of SavourLife while continuing to deliver on its social mission.
Inspired by a love for dogs and a desire to make a difference, SavourLife offers a range of Australian made premium dog food and treats.
The SavourLife team is driven by a social mission to save and re-home abandoned dogs, by donating 50 per cent of profits to help save rescue dogs.
SunRice Group CEO Paul Serra said CopRice will continue this agreement post-acquisition.
Since its inception, SavourLife has donated more than $8 million to Australian dog rescue organisations and supported the re-homing of more than 63,000 dogs.
“This acquisition positions our CopRice business to further expand into the branded companion animal market, where we’ve seen growing demand for premium products,” Mr Serra said.
“We believe that SavourLife is well positioned to continue to grow in Australia, with Australia having one of the highest dog ownership rates in the world.
“SavourLife will also complement CopRice’s existing products, which are known for their quality ingredients.
“CopRice already manufactures SavourLife's dog food range. The acquisition will use CopRice’s existing manufacturing facilities and supply chain to improve efficiencies and provide future growth opportunities.
“We look forward to working with Michael McTeigue, SavourLife’s founder, and the SavourLife team to continue to deliver on SavourLife’s mission of making a difference and continuing to support dog rescue groups.”
Mr McTeigue said the acquisition will not only grow the SavourLife business, but expand the ability to deliver on its mission.
“CopRice has been an important partner in building SavourLife into the business it is today, and I know that together we will build an even greater business into the future.”
Mr McTeigue will continue in his role with SavourLife, alongside co-founder Kimberlee McTeigue and all other SavourLife employees who will remain in the business.
SavourLife had revenue of $33.4 million and normalised EBITDA of about $2.8 million in the year to April 30, 2024.
As an existing manufacturer for SavourLife, only incremental revenues will be recognised by CopRice going forward.
Completion of the transaction is expected to occur by August 30, 2024, pending satisfaction of a number of standard conditions precedent. The purchase price will be funded from existing cash reserves and available debt facilities.
More information about SavourLife can also be found at www.savour-life.com.au.