Agrinurture Inc., the agro-commercial business arm of businessman Antonio Tiu, on Monday completed the acquisition of Australian firm Freshness First Pty Ltd.
It said the acquisition effort began in late 2018 as disclosed at the time and mentioned in the company’s annual and financial statement updates since then. The purchase cost it P16.1 million and is now a fully-owned subsidiary engaged in the business of trading fresh and processed fruits and vegetables in the state of Queensland operating under fully owned and controlled subsidiary BSK Pty Ltd. and doing business under the brand Field Cuisine, Michsul Pty Ltd., Bou Samra Fruits and Vegetables.
“Despite challenges brought by the Covid-19 pandemic and a major Brisbane flood during early 2022, said subsidiary managed to steer toward recovery, posting AUS$12.8 million in annual revenue as of July 2023 which is slightly over during the same period last 2022,” the company said.
Freshness First plans rolling up two or more players with large processing capacity to create synergies and develop value added processing ability for the whole and processed fruit and vegetables market in Queensland.
The consolidation will result to a market leader delivering whole and processed fruit and vegetables to wholesale and commercial market sectors across South East Queensland and create a true alternative to supply corporate customers bulk processed products.
