Food and beverage · Realised
Quality Foods & Beverages
Twelve acquisitions across South East Queensland and northern New South Wales.
At a glance
Sector
Food and beverage
Invested
February 2017
Realised
December 2021
Status
Realised
Acquired by
Superior Food Group
The headline
12
Acquisitions completed
$25m
Further revenue pipeline identified
4yrs
Held, 2017 to 2021
Background.
- A leading food and beverage distributor to food service, schools, quick service restaurants and independent retail, based in Brisbane and operating across South East Queensland and northern New South Wales.
- The team invested in February 2017 and again in June 2018, to fund a new warehouse and further acquisitions.
- Partnered with co-founder Frank De Pasquale.
Our investment thesis.
- Execute a buy and build in the fragmented food and beverage distribution sector in South East Queensland.
- A well established regional distributor as the platform, with significant economies of scale available: around forty per cent of costs were fixed at the time of investment.
- Strong and aligned senior management.
- A fragmented market that favours consolidation by mid-market providers.
Our results.
- Twelve acquisitions were completed, with a further pipeline of around twenty-five million dollars of revenue identified.
- Growth and cash generation continued through the hold.
- Significant investment went into management: a chief financial officer who became chief operating officer, and a financial controller who became head of finance.
- A new purpose-built warehouse was delivered, alongside continued investment in fleet and technology.
- The business was sold to Superior Food Group.
Past performance is not a reliable indicator of future performance, and figures drawn from individual deals executed on a deal-by-deal basis are not representative of a pooled fund. Wholesale investors can request the full record.
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