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DYOR
Bubs Australia CEO bullish on China growth after NuLac buy
The chief executive of infant formula company Bubs Australia says the acquisition of Australia's largest goat's milk producer in a deal worth up to $38 million is a crucial plank in delivering certainty of supply and an "unrivalled provenance story" as China demand booms.
Bubs is buying NuLac Foods, which gives the company exclusive access to 6.2 million litres of milk annually from 8,500 goats in Australia and New Zealand, along with ownership of the CapriLac range of goat dairy products including yoghurt, milk and milk powder and the Coach House Dairy brands. It has also acquired a 49.9 per cent stake in some manufacturing facilities. NuLac products are sold in Coles and Woolworths.
Bubs chief executive Nicholas Simms said on Friday it would help drive faster growth and give extra confidence to customers and customers in China who were keenly interested in where products were sourced.
"It gives us an unrivalled provenance story," Mr Simms said.
To help pay for the purchase, Bubs has raised $15 million in an institutional placement priced at 60¢ per share and will also raise an extra $5 million through a share purchase plan at the same price.
Bubs shares had been in a trading halt for two days and re-commended trading on Friday, with investors backing the strategy. The shares climbed by about 3 per cent by noon on Friday to 83¢. The $20 million capital raising and proposed acquisition of NuLac was first revealed by The Australian Financial Review's Street Talk column.
Bubs headed onto the ASX in January via a back-door listing and has been a star performer on the sharemarket since mid-June, with its share price having delivered a six-fold increase from 14¢.
Mr Simms said on Friday the solid backing from institutional investors was a good sign. "I think people understand that it's a solid strategy," he said.
Bubs makes about 75 per cent of its sales in the domestic market and 25 per cent overseas. Almost all of the offshore sales stem from China, with growth rates almost three times that of domestic sales.
Having control over the goat herd milk supply was a big plus for the company in managing its supply chain. "It's a major strategic advantage," Mr Simms said. |
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发表于 2017-11-3 16:21
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