Historic milestone for the business
Our iconic SPC has been sold once again; with the news arriving just six months after Coca-Cola Amatil put the business on the market.
The iconic Shepparton business has been sold for $40 million to new owners Shepparton Partners Collective, a joint partnership between Sydney-based investment firms Perma Funds Management and The Eights.
SPC managing director, Reg Weine assured all 500-plus employees at the mammoth packing company that their jobs would remain safe.
“SPC has a strong past and it’s great to see that the new owners believe in the brand and that they’re committed to keeping the business locally employed with no jobs lost,” Mr Weine said.
Moving forward, Shepparton Partners Collective are considering all aspects of the business, with experience across a range of industries including agribusiness, supply chain management, business and finance.
Representative for Shepparton Partners Collective, Perma Funds Management managing director Hussein Rifai, said that he believed the sheer depth of skills between the five collective partners would help propel the iconic business forward into the future.
“We’re not going anywhere, this business is only going to get bigger and grow more,” Mr Rifai said, “We want to make SPC not just an Australian company, but for it to become one of the great Australian success stories globally.”
“All we’re trying to do is create a bigger engine for the same truck to drive faster, drive longer and hopefully take this business to heights that are above where it’s been before,” he said.
The new sale comes following Coca-Cola Amatil’s purchase of the business in 2005 for almost $500 million. Since acquisition, Coca-Cola Amatil has invested around $250 million into SPC, upgrading technology, operational and energy efficiencies and installing new equipment.
Despite this, the business has suffered considerable falling profits in recent times, with Coca-Cola Amatil slashing the value of SPC by $146 million down to zero in February after announcing the sale in November.
However, Shepparton Partners Collective remain optimistic about the future of the business, looking to consider expanding SPC’s export potential into the global market.
“Shepparton Partners Collective recognises the value of SPC’s brands, the opportunity for innovation and growth in Australia, and its export potential,” Mr Rifai said.
The new owners are expected to officially take over the business by the end of June.