- Forbidden Foods (FFF) acquires plant-based bar and snacking company, Blue Dinosaur for $4 million
- In September, Forbidden Foods agreed to the acquisition for a total consideration of $4 million on a cash-free and debt-free basis, with $2 million of the purchase price paid as cash consideration at completion
- FFF says the transaction will provide the opportunity to accelerate international growth, leveraging Forbidden Foods’ ecommerce capability and existing Asia partnerships
- Despite the news, Forbidden Foods is down 7.69 per cent, trading at 24 cents at 2:36 pm AEST
Forbidden Foods (FFF) has acquired plant-based bar and snacking company Blue Dinosaur for $4 million.
In September, Forbidden Foods agreed to the acquisition for a total consideration of $4 million on a cash-free and debt-free basis, with $2 million of the purchase price paid as cash consideration at completion.
Both parties have built brands that resonate with an active and health-conscious demographic.
Forbidden Foods Co-founder and Chief Executive Officer, Marcus Brown said: “The acquisition, our first since listing on the ASX, represents an important strategic step for Forbidden Foods as we extend and broaden our position in the plant-based food sector and provides us with significant product and distribution extensions to our existing business model.
“Blue Dinosaur has built a brand which has strong following amongst active and health-conscious Millennial and Gen Z consumers, who are inclined to choose plant-based and natural food products for themselves and their families, further cementing our position in the rapidly growing global plant-based foods market.”
FFF said the transaction is expected to significantly transform its revenue footprint. The company suggested the Blue Dinosaur business, combined with its own existing operations, could deliver around $8 million of revenue on a pro-forma basis for FY21.
The transaction is also thought to provide the opportunity to accelerate international growth, leveraging Forbidden Foods’ ecommerce capability and existing Asia partnerships.
Coincidentally, Blue Dinosaur has already secured trademarks in all targeted regions Forbidden Foods has been strategically pursuing. This includes securing US distribution rights, which also present a large export opportunity to scale in coming years.
Despite the news, Forbidden Foods was down 7.69 per cent, trading at 24 cents at 2:36 pm AEST.