- Pure Foods Tasmania (PFT) has agreed to purchase Tasmanian plant-based ice cream business The Cashew Creamery for $420,000
- PFT believes the cashew ice cream company will partner well with its existing relationship with Lauds Plant Based Foods
- The agreement is subject to a number of conditions, including the assignment of the lease, final due diligence and other customary conditions
- PFT is expecting the purchase to be completed by April 1
- On the market this afternoon, PFT is up 1.27 per cent and is trading at 80 cents per share
Pure Foods Tasmania (PFT) has agreed to purchase Tasmanian plant-based ice cream business The Cashew Creamery for $420,000.
The Cashew Creamery produces non-dairy ice cream made with cashews, which is dairy-, gluten-, soy- and cholesterol-free. The product range includes five flavours of dipped ice cream bars and four flavours of 483- millilitre tubs.
PFT believes the cashew ice cream company will partner well with its existing relationship with Lauds Plant Based Foods.
The agreement is subject to a number of conditions, including the assignment of the lease, final due diligence and other customary conditions.
CEO Michael Cooper says the purchase further strengthens PFT’s footprint in plant-based foods.
“The Cashew Creamery has a very unique product that as far as we are aware is a first for the Australian market with a base ingredient of cashews as opposed to competitors who use coconut,” he said.
“We can’t wait to get The Cashew Creamery out through our distribution channels in both Australia and through our export markets,” he added.
Notably, this is PFT’s second acquisition in the plant-based food sector this financial year. According to data provided by PFT, the plant-based food market is forecasted to reach $3.9 billion by 2024.
PFT is expecting the purchase to be completed by April 1.
On the market this afternoon, PFT is up 1.27 per cent and is trading at 80 cents per share at 1:21 pm AEDT