Thomsons has acted for Anacacia Capital on the sale of baby food brand Rafferty’s Garden to leading international consumer products group, PZ Cussons Plc for £42.2 million (circa AU$70 million).
Partner Dan Kramer and Lawyer Bernardo Wood advised on this transaction, which will see Rafferty’s Garden acquired on a cash and debt free basis from cash and existing facilities. The business is expected to be earnings enhancing in the current financial year.
Rafferty’s Garden is Australia’s leading premium nutritious baby food brand with approximately 40% share of the wet baby food market, as well as growing shares in the infant dry and snacks market. An export business is in the early stages of development to countries such as Indonesia and Thailand.
The acquisition of Rafferty’s Garden will mark PZ Cussons’ entry into the food and nutrition category in Asia-Pacific. PZ Cussons’ existing business in Australia comprises the well-known brands of Morning Fresh, Radiant, Duo, Imperial, Original Source and St Tropez.