- Pure Foods Tasmania (PFT) has agreed to buy fellow Tasmanian food business Lauds Plant Based Foods
- The premium food company paid $350,000 to buy Lauds, which produces cheese and dairy alternatives
- The business also provides all of the products for Pure Foods’s recently launched New Pastures range
- The sale was finalised on February 1 and PFT states it plans to keep its current range and launch a new line of products
- The purchase by PFT also lines up with the company’s growth strategy, as it aims to take a dominant position in the global plant-based cheese sector
- Shares in Pure Foods Tasmania are trading up 7.24 per cent at 81.5 cents each
Pure Foods Tasmania (PFT) has agreed to buy fellow Tasmanian food business Lauds Plant Based Foods.
The premium food company said it paid $350,000 in cash and share as consideration for Lauds, with the sale expected to have been finalised on February 1.
The newly acquired business produces cheese and dairy alternatives, including all of the products for Pure Foods’s recently launched New Pastures range.
Laud’s is expected to bring in $400,000 in revenue over FY21, having previously ended FY20 with a net profit.
PFT has stated that it plans to keep its current range using Lauds and also launch a new line of products “targeting a more traditional lifestyle motivated plant-based market.”
Additionally, Pure Foods will begin selling its products through Laud’s distribution channel while also selling the company’s food through its own retailers.
Speaking to the purchase, PFT CEO Michael Cooper said it lines up with the company’s growth strategy to become a dominant player in the global plant-based cheese sector.
“We believe we can build an amazing business that can bring more and more plant-based food and beverages to Australia and distributed to our core export
customers, principally in Hong Kong and Singapore,” he said.
“We think Lauds is a great fit and we are excited about the opportunities for Lauds and PFT,” Michael added.
Shares in Pure Foods Tasmania are trading up 7.24 per cent at 81.5 cents each at 12:09 pm AEDT.