The iconic SPC fruit and vegetable business based in Victoria's Goulburn Valley will live on, after Coca-Cola Amatil confirmed the sale of the historic business for $40 million.
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The sale, to a group called Shepparton Partners Collective, is expected to be completed by the end of this month and generate a profit of $10-15 million for the bottler of Coke.
Coca-Cola said the deal was subject to a four year deferred payment which, subject to business performance, could generate a further $15 million for Coca-Cola on top of the $40 million up-front.
"This outcome is good news for SPC and good news for the Goulburn Valley," said Alison Watkins, group managing director of Coca-Cola Amatil.
"Shepparton Partners Collective recognises the value of SPC's brands, the opportunities for innovation and category growth in Australia, and its export potential," she said.
"Importantly, they're also committed to offering ongoing employment to all permanent members of the SPC team," she said.
Shepparton Partners Collective is a joint venture between Perma Funds Management and The Eights. Coca-Cola Amatil said the group had extensive experience in food, retail, agribusiness and other fields in Australia and around the world.
Hussein Rifai, managing director of Perma, said all permanent SPC staff would be offered ongoing employment.
"We are delighted to have acquired SPC, one of Australia's most iconic businesses. We believe there is enormous opportunity to grow this unique 100-year-old brand further domestically and internationally," Mr Rifai said.
In recent years SPC has faced a very uncertain future as farmers battled drought, low prices for their fruit and extreme competition from cheap food imported food from overseas.
More to come
- SMH/The Age
