Chobani Maker, Agro Farma, Announces Acquisition of Australia’s Bead Foods
NORWICH, N.Y., June 30, 2011 /PRNewswire/ — Today Agro Farma, maker of Chobani, America’s #1 yogurt brand, announced their acquisition of Bead Foods Pty Ltd, an Australian manufacturer and leading distributor of an innovative range of dairy products, including the Gippsland Dairy brand. This deal makes Bead Foods a wholly owned subsidiary of Agro Farma International.
Established in July 2001, Bead Foods manufactures retail dairy products, with distribution in major supermarket outlets, various health foods stores and delis throughout Australia and select South East Asian markets.
“This acquisition marks a major milestone for Agro Farma as we expand our global reach into key international markets. And we couldn’t have picked a better partner to start with,” said Hamdi Ulukaya, CEO and Founder of Agro Farma. “Not only are Bead Foods’ products world class, but so are their people. We look forward to learning from them, sharing our knowledge and growing together.”
In 2010, the Australian yogurt category was valued at over AU$937 million, an increase of 7.6% over 2009, based on data from Retail Media’s MediaWorld’s 2010 Annual Report.
“Our goal is to grow the yogurt category in Australia,” said Ulukaya. “We’ve fallen in love with the country’s beauty and residents, who’ve treated us with great hospitality, and we’re excited to bring them more great options to choose from.”
Together, Agro Farma and Bead Foods plan to further increase their share of this expanding market by growing Gippsland Dairy into one of Australia’s most successful yogurt brands. Agro Farma also plans to incorporate their Nothing but Good philosophy – which includes supporting local farmers, job creation, and community outreach – into Bead Foods’ business model.
“We look forward to being a part of Agro Farma, a strong organization that shares our passion for authenticity and craftsmanship,” said David Mann, CEO of Bead Foods. “Our focus now lies on integrating our companies so as to maximize the benefits for our valued employees, customers, retail partners and community.”
Rabobank acted as Agro Farma’s sole financial advisor. Corrs Chambers Westgarth and Harris Beach provided legal advice, while Ernst & Young provided accounting advisory services to Agro Farma. Bead Foods was advised by Deloitte Corporate Finance with legal advice from Baker & McKenzie.
About Agro Farma
Agro Farma is New York State’s largest dairy manufacturer. Headquartered in Norwich, N.Y., the company produces Chobani, America’s #1 yogurt brand. Agro Farma believes that people have great taste; they just need great options. That is why Agro Farma produces only the highest quality, best tasting products made with only natural ingredients. As part of Agro Farma’s Nothing But Good philosophy, they are committed to supporting local farmers and strengthening the New York State economy. They exclusively use milk from New York-area farms to produce Chobani. The company also gives a portion of its annual profits to charities worldwide through its Shepherd’s Gift Foundation.
About Bead Foods
Bead Foods produces a broad range of innovative, natural dairy products, out of their Dandenong, Victoria production facility, which are distributed to retail outlets throughout Australia and select South East Asian markets. As dairy craftsmen dedicated to authentic manufacturing practices, the company produces the category-leading Twist brand along with a range of organic yogurts and specialty cream products under the Gippsland Dairy brand. Bead Foods has achieved rapid growth since their start in 2001 and remains committed to increasing their share of the Australian yogurt market.
SOURCE Agro Farma