Thomson Geer has advised Australia’s leading ginger manufacturer, the Buderim Group on the sale of its ginger and tourism business assets to the Queensland-based Himstedt family for AUD $13m.
Following the initial announcement of its intended sale to Global Foods Group for $8.3 million, the Buderim Group received a number of competing proposals from other interested parties. After a highly competitive process with multiple bidders, they eventually entered into the transaction with the Himstedt family.
The Himstedt family is one of the most respected families in the food business in Queensland. Following the acquisition of Queen Fine Foods in 1978 and until its sale in 2015, the Himstedt Family built the business into an innovative food ingredient branded business.
Subject to customary conditions precedent including Fiji regulatory approval, the transaction is expected to be completed at the end of September 2020 and will see all Ginger Division assets transferred to the Himstedt family including, the company’s tourist attraction and facility The Ginger Factory, the ‘Buderim Ginger’ and ‘The Ginger Factory’ brands, intellectual property and subsidiaries.
Chairman Guy Cowan said “We are very pleased to agree a Transaction with the Himstedt Family that delivers optimal value for our shareholders. At the same time, it is comforting to see that the new owner is a renowned family in the food business who will undoubtedly further build on the success of the Ginger Division.”
Following the completion of the transaction, Buderim Group will rebrand as ‘Health and Plant Protein’ and focus its efforts to becoming a dominant player in branded macadamia products, and explore other potential opportunities in health and plant based protein food product markets.
Thomson Geer Partner Eugene Fung, who has advised Buderim Group for many years and also advised the Himstedt family on its 2015 sale of Queen’s Fine Foods, said “the future looks bright for both the Ginger business which is in really good hands and also Buderim Group‘s aim to be a dominant player in the global macadamia market”.
The Thomson Geer team consisted of Partner, Eugene Fung and Lawyer, Thomas Gardner.