SPC Global says its capital raise is aimed at the local Goulburn Valley community to allow them to invest in a business deeply connected to the area. The target to raise is $15 to $20 million.
SPC Global chair Hussein Rifai said the agribusiness was started by shareholders in the Goulburn Valley in 1917.
“We want to give the original shareholders’ and their families the opportunity to become shareholders again,” Rifai said.
Not one to downplay his goals for the company, Rifai said that since SPC was bought by Shepparton Partners Collective for $40 million, from Coca-Cola Amatil (now Coca-Cola Europacific Partners) it has achieved one of “the most successful [turnarounds] in Australian corporate history”.
The company rebranded its corporate and Goulburn Valley businesses and established a joint venture with ingredients specialist Döhler.
In June 2021, it launched SPC Care, its dedicated nutritional health care company. It also acquired ready meal company Kuisine Co for expanding healthcare portfolio and launched ready meal service in Tasmania.
SPC entered better for you beverage market in October 2022 with its Helping humans line of canned sparkling waters with active botanicals.
And most recently launched in the frozen snacks category with its Street Eats Mexican style dishes.
It hasn’t been without challenges. Former CEO Robert Giles resigned in August, after four years in the role and launched legal action regarding his payout. Neil Brimacombe was appointed CEO.
The company was the first in Australia to mandate vaccinations for all staff during the pandemic.
And in December 2021, the Federal Full Court dismissed its appeal about an earlier ruling the business had infringed copyright through ongoing use of enterprise resource planning software by QAD Inc.
“Now is the time for us to look to high growth and global expansion, as we aim to position ourselves as a multi-billion-dollar global, high-quality food and beverage company.
“We want to take SPC to the world and as our heritage lies in the heart of the Goulburn Valley, we want to provide Goulburn Valley locals with the opportunity to be a part of the SPC business for generations to come,” Hussein said.
Around $140 million has been invested in the company since the acquisition.
Local investors will be joining an Australian industry pension fund, family offices of key stakeholders and other investors.
The raise will go towards global growth through innovation, channel expansion, and acquisition.
CORRECTION: An earlier version of this article incorrectly said the CEO prior to Robert Giles, Reg Weine, had been ousted following its acquisition by Shepparton Partners Collective. This was incorrect. Weine remained with Coca-Cola Amatil following the acquisition and turned down a contract offered by the new owners. Food & Drink Business apologises for this error.
