The 100-year-old company is seeking to raise up to $20 million from investors but they must be residents of the Goulburn Valley region in Victoria.
, fruit and vegetable processor SPC Global has put a capital raise in the market, but there’s a catch: investors must be from the Goulburn Valley.
The 100-year-old company, which is behind products like beans and spaghetti, Ardmona canned tomatoes and Goulburn Valley fruit, is seeking to raise up to $20 million from local investors who are residents of the region, located about 200 kilometres north of Melbourne in central Victoria.Proceeds will be used to support growth initiatives in Australia and internationally and for future M&A activity.
“SPC started in the Goulburn Valley by shareholders from the Goulburn Valley in 1917,” SPC Global chair Hussein Rifai told Street Talk.the company was bought by Coca-Cola Amatil in 2005. We want to give the original shareholders’ and their family the opportunity to become shareholders again.
Shepparton Partners Collective, a joint venture between Sydney-based boutique investment house Perma Funds Management and The Eights, a Sydney-based private equity firm,They hoped to restore SPC to profitability and boost production to full capacity by developing new products, distribution channels and overseas markets. The business has struggled, partly because of competition from supermarket home brands.
SPC returned a consolidated profit after tax of $24 million in 2021-22 after an $11.8 million loss the year before. It has yet to release its results for this year, but it is understood the business has been hit hard after losing roughly 18,000 tonnes of product inhas co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.