Retail Food Group buys into NZ coffee business
The brand manager behind Donut King will establish its own manufacturing facilities in New Zealand under a proposed business takeover
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Retail Food Group buys into NZ coffee business
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July 28, 2011
The brand manager behind Brumby’s Bakery and Donut King, Retail Food Group (RFG), will establish its own manufacturing facilities in New Zealand under a proposed business takeover.
As announced to the market today, RFG has entered into a sale and purchase agreement to acquire the business and assets of Evolution Coffee Roasters.
The Group comprises Evolution, the operator of a state-of-the-art coffee roasting facility in Auckland; merchandiser, Roasted Addiqtion Coffee Dealers; and drinking chocolate manufacturer, Evil Child Beverage.
According to RFG CEO Tony Alford, the acquisition will provide additional revenues, synergies, scale and intellectual property expansion to the company’s portfolio.
"Without limitation, it will provide RFG with its own manufacturing facility and coffee roasting capability in New Zealand, thus complimenting the Company’s recent acquisition of the Esquires Coffee House assets and intellectual property for New Zealand and Australia," Alford says.
The agreement remains subject to the finalisation of due diligence enquiries and is scheduled to be completed on or before September 1.
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