Flavorite set for future growth

Photo: Aerial view of Flavorite's production facility in Warragul, Gippsland Victoria

Flavorite has seen significant growth since founders Warren Nichol and Mark Millis started the business in 1988, with 1200m2 of greenhouses built in Warragul, Gippsland Victoria, with the intention to produce the best tasting Australian grown tomatoes 12 months of the year. This vision has since expanded into new product segments with the introduction of specialty tomatoes, capsicums, cucumbers and recently blueberries. The plan is to build on this production base, with further expansion and diversification into exciting new products and segments within the fruit and vegetable stable. With all production now in state of the art glasshouses and protected cropping environments, and a second major growing facility in Katunga, Victoria, Flavorite now spans 420,000m2 in growing area and another 200,000m2 of external growers contributing to supply all major retailers and Central Markets nationally, as well as Asian export markets.

Flavorite Group CEO Mike Nichol said "the merger will enable our three successful businesses to join forces to create a consolidated powerhouse which is well positioned to maintain our long-held family values, whilst unlocking the full potential of our talented people, growing and marketing expertise and world class asset base. By streamlining the way we operate and interact internally and externally, we will be able to respond quickly to the market, our customers and new opportunities."

Mike Nichol, Flavorite's CEO

Flavorite have also taken the opportunity to collaborate with Roc Partners, a Sydney-based investment group who have been chosen to manage the Victorian Business Growth Fund, a partnership between First State Super and the Victorian Government. Flavorite will be the first business to benefit from the $250 million Fund, providing capital that will see the business significantly expand its operations and realise it's growth potential. This funding, coupled with Flavorite's streamlined business model and Roc Partner's strategic investment capabilities, will create new employment opportunities and provide for the rapid expansion of the business into new product segments and channels.

Roc Partners' Managing Partner Michael Lukin said "We have worked up an exciting partnership with the Flavorite Group, they were pioneers in the protected cropping industry in Australia and have a proven record of innovation and first-in-market experience. Flavorite has a vertically integrated structure and strong management team which makes them an ideal platform business on which to further grow and diversify within the Australian produce industry that is crying out for a more robust and reliable supply chain, which is what consumers rightly expect".

About Flavorite
Flavorite is one of Australia's largest glasshouse producers of fresh fruit and vegetables. Family owned, and with three generations of experience growing and supplying premium fresh produce both nationally and internationally.

About Flavourwave
Flavourwave was conceived as a business to supply specialty tomatoes previously not available during the Australian winter and spring. The Katunga site, through geographic diversity presented the perfect mix of high winter light and a high-quality production environment to compliment the existing production from southern Victoria and sister company Flavorite.

About Flavorite Marketing
Flavorite Marketing has been the leading marketing and distribution business for produce in Australia over the last 30 years, working with growers across multiple produce categories to sell all their produce and develop strong annual selling programs throughout Australian and international sales channels.

About Roc Partners
Roc Partners is a leading alternative investment manager specialising in private equity and agricultural investments in the Asia Pacific region. Roc Partners was established as an independent, alternative investment management firm following the management buy-out of the Macquarie Group's private markets business unit by its senior executives in June 2014. The Roc Partners business is headquartered in Sydney and has been in continuous operation since 1996. The team comprises over 35 staff located across Sydney, Melbourne, Hong Kong and Shanghai, and has current funds under management of more than A$6.5 billion.

Source: Goedemorgen