Goodman Fielder adds gourmet breads to portfolio
gourmet bread brands, in its first acquisition since its public
listing in December.
The company revealed last week that it had bought the Country Life Bakery and its brands from Hawley Nominees for an undisclosed sum. Goodman Fielder already has annual bakery sales worth about A$650 million from its bread brands, which include Wonder White, Helga's and Vogel's.The acquisition of the Country Life bakery will add gourmet brands Flinders Bread and Early Harvest Speciality Breads to its existing portfolio. "These brands are significant assets in the high-growth health, gourmet and organic categories," said Goodman Fielder chief executive Peter Margin. "The acquisition will provide Goodman Fielder with a leading position in this emerging high-growth category, complementing our leadership in loaf bread in Australasia."Goodman Fielder was formed after Burns Philp divested its bakery, oils and spread business. After floating on the stock market at the end of last year, it now has around A$400 million (€237.3m) to spend on its expansion.Margin told a press conference in March that the bakery and spreads group would concentrate on bolt-on acquisitions close to home in the short-term, especially in the bakery market.
