Bubs Australia purchases goat’s dairy producer NuLac Foods
Infant food and formula company Bubs Australia has purchased Australia’s biggest goat milk producer NuLac Foods for AUD $25 million.
NuLac Foods produces a range of goat milk products under the CapriLac brand name including fresh milk, yoghurts and goat milk powder.
Through the deal, Bubs has secured the supply rights to Gippsland-based CapriLac’s 6,500 animals.
This is the equivalent to acquiring half of Australia’s total goat milk supply.
By acquiring NuLac Foods, Bubs Australia will be able to reduce its reliance on European milk, with the Australian and New Zealand milking herd producing 6.2 million litres of goats milk annually.
Bubs has seen tremendous recent growth
The sale is subject to shareholder approval at the Bubs Australia annual general meeting in December 2017.
The Sydney-headquartered company has had a remarkable year, with company shares surging more than eightfold.
The acquisition also includes a 50 per cent stake in NuLac’s Keysborough dairy production facilities in Victoria and its Chinese CNCA producer certification for goat milk powder.
The purchase will transform Bub’s into Australia’s first vertically-integrated producer of locally-sourced goat milk products and infant formula.
Chief Executive Officer and co-founder of NuLac Foods John Gommans said NuLac would benefit from being owned by an ASX-listed business.
“We have sought for some time to get closer to the customer, and so I see this as a completion of what we were about,” Gommans said.
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