Freedom Foods Group has purchased the Crankt Protein brand from Australian company DNA Brands, which will benefit the Shepparton plant.
This follows the initial exclusive distribution agreement, which the two companies announced back in February.
Freedom Foods brought forward the purchase following discussions with DNA Brands and based on growth in sales since the start of the distribution arrangement.
According to Freedom Foods, the Crankt brand will provide a unique vertical integration to Freedom Foods’ expanding packaging capabilities in beverage and bar formats and sourcing of protein ingredients from internal dairy nutritional capabilities coming online at Shepparton in early 2019.
Crankt Protein markets a range of mainstream nutrition products, including beverages and snack bars, and the products are sold through petrol and convenience stores, fitness retailers and retail grocery outlets in Australia and New Zealand.
The integration of the Crankt brand into Freedom Foods has provided for the expansion of its brand and category segment offering into the broader everyday on-the-go nutrition market in Australia, leveraging existing retail customer and distribution capabilities.
The acquisition consideration was a gross value of $3.5million. After deductions for working capital loans and other offsets, the net cash consideration payable is $2.3million.