Bega Cheese Ltd
(ASX:BGA) is set to acquire one of Australia’s most iconic brands, Vegemite.
The company's acquisition of Vegemite is part of a deal it made with US-based Mondelez International. Bega Cheese has agreed to purchase most of Mondelez's Australian and New Zealand grocery and cheese business for $460 million.
Bega Cheese will also soon own a portfolio of products using the KRAFT brand under licence including peanut butter, mayonnaise, parmesan cheese as well as Kraft’s Port Melbourne site. What isn’t included in the sale is the soft cream cheese spread Philadelphia.
The company is expecting this acquisition to generate net revenues of around $310 million and EBITDA of up to $45 million in its first full year of operation.
Bega Cheese posted a net profit of $28.8 million at 30 June 2016.
