Australian-based Beston Global Food Company has revealed it has acquired milk producer United Dairy Power from the receivers.
The South Australian based United Dairy Power which was an aggregator of milk suppliers across Victoria and Tasmania, went into receivership in April 2015. The company was one of the country’s largest independent milk suppliers and owned the Caboolture Cheese brand. Australian Food News previously reported that the Caboolture Cheese brand has been acquired by Murray Goulburn.
United Dairy Power was Australian-owned until March 2014 when a Hong Kong based private investor bought the company, but subsequently got into a financial mess.
Beston was started in Australia three years ago by its Chairman, investment banker Dr Robert Sexton who is also chairman of a $3.1 billion ASX-listed financial product group IOOF.
Beston has recently acquired major equity stakes in Australia’s largest lobster business Ferguson Australia and biodynamic milk and yoghurt producer, B.-d. and has big plans for exports into Asian premium food markets.
The business has also been developing a secured food supply chain using a system of specialised electronic seals called Brandlok to enhance traceability and tracking of product and maintaining quality integrity.
United Dairy Power has already paved the way by previously establishing an infant formula market in China.
When United Dairy Power went into receivership, 130 staff and contractors based in Murray Bridge and Jervois in South Australia lost their jobs. Beston say that in re-opening production, 12 new jobs will be created with more expected to come later.
“Our company will invest considerable capital into United Dairy Power to upgrade its facilities at Murray Bridge and Jervois, increase the production capacities of the two plants and introduce new products for distribution into China and the ASEAN region by BGFC subsidiaries based in Thailand, Vietnam, China and Brunei,” said Dr Roger Sexton, CEO of Beston Global Food Company.
The acquisition will see a name change for United Dairy Power which will now be called Beston Pure Foods. Production in Murray Bridge and Jervois is expected to start again in September this year.
