Green’s buys Waterwheel baked snack brands
Australian baked snack-food business Waterwheel Industries has been sold to Green’s General Foods after being placed into receivership in late 2012.
Waterwheel Industries, which produces the Waterthins and Waterwheel biscuit brands, is part of the Gourmet Foods Group which was placed into receivership in November last year. Gourmet Foods Group also included the Rosella and Pitango brands, which are still in receivership.
The acquirer, Green’s General Foods, is an Australian based company that is known for its Lowan oats and muesli brand, Basco gluten free products and Green’s bakery products among other brands.
Ferrier Hodgson partner and Waterwheel receiver Mr Jim Sarantinos said the sales process generated interest from a significant number of parties.
“The sale provides continuity of employment to the majority of Waterwheel Industries’ staff and ensures that the Waterwheel brands will continue to operate as a viable business,” Mr Sarantinos said.
Executive Chairman of Green’s, Shane Noble, said that he “looked forward to unlocking [Waterwheel’s] potential.”
Mr Sarantinos said the sale process is continuing for the remaining businesses within the Gourmet Group, Rosella and Pitango. He hopes to achieve a sale for those businesses in the short term.