Investment company Re:Capital Australia, Hilco Capital’s Australian business, announced in October it had acquired the Broadmeadows-based confectionery manufacturer Betta Foods and formed a new holding company, The Confectionery Innovation Group Pty Ltd. The financial details of the transaction were not disclosed.
The Confectionery Innovation Group will take 100% ownership of Betta Foods. Established in 1954, Betta Foods produces liquorice and marshmallow products under the Capricorn and Eskimo brands, has an annual turnover of $30 million and employs 150 staff.
The company also produces private label liquorice, marshmallow and ice cream cone products for Australia’s largest supermarkets and fast food groups.
The transaction represents Re:Capital’s third investment in Australia, following its acquisition of Ernest Hillier Chocolates Pty Ltd in February this year.
Paul McGowan, Global CEO of Re:Capital, said: “Following the success of the Ernest Hillier acquisition back in February, we are continuing to invest in Australian businesses where we see true potential for expansion and for growth.
“This acquisition marks our third investment in Australia, where we believe there are enormous opportunities for specialist confectionery manufacturing businesses as demand increases. We look forward to working with Betta and our global network to assist these businesses in taking their products to a worldwide audience.”
“Food manufacturing is going from strength to strength here in Victoria and the formation of the Confectionery Innovation Group highlights just how much demand there is for premium quality, handcrafted chocolate and confectionery. We are seeing very high demand for Australian made products, particularly from overseas markets, and I am thrilled that Re:Capital has once again chosen to invest in an expanding business here in Australia,” said Mark Campbell, CEO of Hillier’s Chocolates.