Unilever to acquire Australian premium tea business T2
Global manufacturer of personal hygiene and food products Unilever has announced it has entered into a definitive agreement to acquire T2, a premium Australian tea business, for an undisclosed amount.
T2 generated sales approaching AU$57 million for the 12 month period ending 30 June 2013. The current T2 business operates in 40 stores and its range of fragrant teas and tea wares from around the world are also sold through restaurants and cafes.
“T2 is a fast growing premium tea business with great potential,” said Kevin Havelock, Unilever President for Refreshment. “Unilever is the biggest tea company in the world with brands like Lipton – one of Unilever’s ‘billion-plus’ brands – available in more than 70 countries,” he said.
“This will allow us to bring the benefits of scale and access to new markets to the T2 business and for both businesses to share tea category expertise,” Mr Havelock said. “This deal will also bring a premium tea business to complement our portfolio that we can leverage in a similar way to other recent Unilever acquisitions,” he said.
Unilever said its Lipton and Bushells brands were two of “Australia’s oldest and best-loved tea brands”, and that tea was a “strategically important” category for Unilever Australia.
“We know tea drinkers are increasingly looking for new and diverse tea flavours, so we are delighted to be brining T2’s premium and exciting range into the fold,” said Clive Stiff, Unilever Australasia Chairman. “T2 is a great Australian success story – a story that we now intend to continue with Unilever,” he said.
T2 said it was looking forward to working with Unilever.
“We are delighted that we have found a home for T2 that has such a depth of knowledge of tea and has pioneered sustainability in the industry,” said Maryanne Shearer, T2 Founder and Managing Director.
The T2 business has seen double-digit growth in recent years, and Unilever said it has “significant potential”.
The acquisition is subject to customary closing conditions.