- Freedom Foods Group (FNP) announces it is stepping away from its Speciality Seafood business to continue focusing on its plant-based range
- The company sold the branch to Tempo Group, a family-owned, global supplier who distributes in Australia, New Zealand, the UK and North America
- The divestment of assets and liabilities from the seafood business will free up roughly $3 million dollars. The transaction will not be subject to regulatory approvals or financing
- Freedom Foods CEO Michael Perich says selling the seafood branch is the final step in restructuring the company
- Freedom Foods closed the day down 2.33 per cent and traded at 42 cents
Freedom Foods Group (FNP) has announced it was stepping away from its Speciality Seafood business to continue focusing on its plant-based range.
Under financial advice from Moelis Australia, the company previously suggested the divestment if the seafood distribution business failed to improve.
The divestment of assets and liabilities from the seafood business will free up roughly $3 million dollars. The transaction was not subject to regulatory approvals or financing.
The company sold the branch to Tempo Group, a family-owned, global supplier that distributes in Australia, New Zealand, the UK and North America.
Freedom Foods Group CEO Michael Perich said selling the seafood branch was the final step in restructuring the company and focussing more on the Plant-based Beverages and Dairy and Nutritionals divisions.
“These two divisions, with their portfolios of popular, growing brands, represent the future of the Company as a leading Australian FMCG business,” he said.
Tempo Executive Director Nicholas Stergiotis said acquiring Freedom Foods Seafood Speciality division means canned seafood and continue to be distributed in Australia and New Zealand.
“And for Tempo, this only just compliments and enhances our growing food and beverage division as we look forward to growing both brands,” he said.
Freedom Foods closed the day down 2.33 per cent and was traded at 42 cents.