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Australia: SPC reveals global plans following three-way merger
Australia's food and beverage industry has a new FMCG giant, with SPC Global, The Original Juice Company (OJC), and Nature One Dairy merging to create a new company under the leadership of former Asahi Beverages Group CEO and current SPC Director, Robert Iervasi.
On 03 October, 2024, SPC Global (SPC) and The Original Juice Company (OJC) have announced plans to merge with the powdered milk business Nature One Dairy to create an Australian-based and -owned food and beverage company with significant scale.
Australian brand SPC, the national largest producer of fruit, tomato, baked beans and spaghetti processing, packaging, and canning, boasts brands such as SPC, Ardmona, Goulburn Valley, ProVital, Pomlife, the Good Meal Co, and Street Eats. The Original Juice Company is an Australian food processing company specializing in chilled fruit and vegetable juices. Nature One Dairy is a Singapore-registered, Australian-founded dairy company that manufactures and sells infant formula, nutritional formula and milk powder products.
OJC announced to the Australian Stock Exchange that it will acquire SPC and Nature One Dairy via a binding merger implementation deed and share sale agreements subject to several conditions including approval by OJC shareholders in November 2024.
Former Asahi Beverages Group CEO and current SPC Director Robert Iervasi has been appointed the Managing Director of the merged business, which will own and operate three business divisions, namely SPC, The Original Juice Co. and Nature One Dairy.
Iervasi said: “SPC Global is excited to be joining with OJC 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. Proud of our 100-plus year history and our Shepparton roots, SPC looks forward to working with the OJC team to accelerate growth and leveraging the combined platform to enhance distribution of our products. The addition of Nature One Dairy also allows us to diversify and reach more consumers every day through our international channels.”
After completion of the transaction, which is expected in November 2024, the Combined Business (SPG) is expected to deliver more than $400 million of revenues and more than $29 million of EBITDA in FY25.
Hussein Rifai, who will be chairman of the combined group, said that the transaction is a critical step in advancing the global strategy that has guided SPC since its divestment from Coca-Cola Amatil (CCA). It aligns with SPC’s long-term vision of transforming SPC into a global leader in the food and beverage sector.
Sources: foodprocessing.com.au, c-store.com.au, mi-3.com.au, spc.com.au
