• Milklab continues to be a successful business for Noumi.
    Milklab continues to be a successful business for Noumi.
  • Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
    Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
  • The sale of Freedom Foods Group’s Cereals and Snacks business to The Arnott’s group has been completed. The sale was announced in December, just weeks after reporting on its “deeply disappointing” FY20 $175 million loss.
    The sale of Freedom Foods Group’s Cereals and Snacks business to The Arnott’s group has been completed. The sale was announced in December, just weeks after reporting on its “deeply disappointing” FY20 $175 million loss.
  • Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
    Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
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Freedom Foods Group has told the ASX it has secured ongoing support from its principle lenders and majority shareholder, Arrovest. This will ensure it has access to financial facilities as it undertakes a planned recapitalisation, it said.

The 11 September announcement said the company had agreed to a Standstill Deed with its two main lenders, HSBC and National Australia Bank (NAB), which is effective until 30 November. It is subject to FFG meeting certain milestones relating to the progress of the recapitalisation plan.

A guarantee from an entity related to Arrovest means HSBC and NAB will keep certain liquidity facilities available to the group during the standstill period.

FFG interim CEO Michael Perich said they were grateful for the ongoing financial support.

“These agreements provide us with the financial support and flexibility we need to ensure the business continues to perform at its best while we pursue recapitalisation options,” Perich said.

Moelis Australia is advising FFG on its strategic options.

The company remains in voluntary suspension until 30 October.

 

Packaging News

Sustainable packaging achievements were recognised at the APCO Annual Awards in Sydney last night. The event celebrated organisations, and individuals, driving change towards the 2025 National Packaging Targets and beyond. PKN was there.

Adamantem Capital is bidding to acquire Close the Loop Group. The board has recommended the offer, and is realigning itself, with CEO Joe Foster stepping down from the board, as are the chairman and CFO. Foster will become chief operating officer at the company.

In one of the biggest deals ever undertaken by an ASX-listed business, Amcor is acquiring US-based Berry Group in an all-stock merger, in a move that will create a consumer and healthcare packaging business with 400 operating plants around the world.