Today soft drink giants Coca-Cola Amatil have announced the sale of SPC fruit and vegetable processing business, to Shepparton Partners Collective Pty Ltd for an unbelievable $40 million.
The sale has not yet been completed but is expected to wrap up before the end of the month. With the $40 million price tag, it's predicted that there will be a profit of $10-$15 million when the sale is eventually completed.
The new owners of SPC have already promised to do everything they can to help the famous business flourish to its full potential and to maintain the employment of all permanent staff.
During the divestment period, there was plenty of interest in the food processing business with local and foreign investors looking into the opportunity. The attention comes after a $100 million co-investment between Amatil and the Victorian Government resulted in changes to the overall manufacturing capacity.
Group Managing Director of Coca-Cola Amatil, Alison Watkins has expressed her confidence in the sale and strongly believes SPC will be well taken care of by the new owners.
“On behalf of Amatil, I thank everyone at SPC for their commitment to the business. The combination of Shepparton Partners Collective, Reg and the team ensures SPC is in safe hands.”
- Alison Watkins
SPC Managing Director Reg Weine believes that the sale is the perfect opportunity for SPC to continue its transformation and for the company to grow both domestically and internationally.
“In recent years we’ve grown our market share in tomatoes and we recently launched Australia’s first organic canned tomato. Our award-winning functional food range - ProVitalTM continues to grow and gain support with dieticians and our enhanced processing and automation capability has opened up new export markets”
- Reg Weine
Luckily for SPC, Shepparton Partners Collective are well experienced, both Australia wide and internationally, in food, supply chain, finance, retail, agri-business and technology, so we are remaining optimistic!
Since being picked up by Amatil in 2005, an outrageous $250 million has been invested into SPC to freshen up many of the operational elements within the business.
The sale is expected to be finalised at the end of June.