Beston Global Food Company (BFC) has acquired the assets of Australian Provincial Cheese (APC) for $2.2m.
The acquisition includes its plant and equipment, trademarks, intellectual property along with all other assets needed to continue the latter’s business.
Besides, APC’s Mable’s and Grange Peak cream cheese product lines have been acquired as part of the transaction.
BFC will carry out the Mable’s and Grange Peak brands production at its Murray Bridge facility in South Australia.
Through its domestic and Asian networks, BFC is expecting to increase the distribution of APC-owned gourmet cheeses.
BFC’s Dr Roger Sexton revealed that a cheese processing facility will be developed at the Murray Bridge site as part of its expansion strategy.
The company aims to manufacture a wide variety of high, end, premium dairy products in the new cheese processing facility which it will distribute to both domestic and export markets.
The company said that it has repaid a previously held convertible note issued by APC amounting to $1.1m as part of the current transaction through its subsidiary Best Pure Dairies.
In June this year, BFC had entered the Chinese market by signing a deal with JM WoWo, a Hong Kong e-commerce catering and food service company.
The deal allows BFC to supply meat, seafood, dairy products and also its recently acquired Aquaessence mineral water to restaurants in about 90 cities in China, FarmWeekly reported.
A couple of months back, BFC announced that it had received a proposal to form a strategic alliance from Korean Taekyung Food & Processing, a wholly-owned subsidiary of Korean Company Nongshim Group.
Taekyung is pursuing BFC to introduce the latter’s products in the Korean market.
