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Acquisition of Australian Food Brand Five:am

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PZ Cussons announces the exchange of contracts for the acquisition of Australian food brand Five:am. The entire issued share capital of Five AM Life Pty Ltd ("Five:am") is being acquired for £44.1m in cash with completion expected to follow within a very short period.

Five:am is a leading Australian organic yoghurt brand and one of the most successful entrants to the Australian food industry over the past decade. The business has strong retail partnerships across the country and the potential for significant growth, both within Australia and other markets. Products are manufactured at its state of the art facility near Melbourne. Revenue and EBITDA for the year ended 30 June 2014 were £19.6m and £3.4m respectively.

Additional consideration of a maximum of £7.7m is payable subject to the performance of the business in the year ending 30 June 2015.

 

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