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[August 05, 2014]
CORRECT: PZ Cussons To Buy Australian Yoghurt Brand Five:am For GBP44.1 Million
(Alliance News Via Acquire Media NewsEdge) (An item published August 1 misstated the currency of PZ Cussons' potential additional consideration and misstated the day. The correct version follows.) LONDON (Alliance News) - Consumer products group PZ Cussons PLC Friday said it has reached an agreement to acquire Australian food brand Five:am for GBP44.1 million in cash, plus up to GBP7.7 million more depending on the Five:am's performance in the current financial year.
Five:am is an Australian organic yoghurt brand based in Melbourne. The firm reported revenue of GBP19.6 million and earnings before interest, tax, depreciation and amortisation of GBP3.4 million in the year to June 30, 2014.
PZ Cussons said the acquisition is being made using existing facilities and is expected to be earnings-enhancing in the current financial year.
"A combination of industry leading innovation, a compelling brand proposition and a high quality product range has driven Five:am's growth to date and leaves it uniquely placed to take advantage of the market trends of increasing yoghurt consumption and demand for organic and nutritious products," said PZ Cussons Chief Executive Alex Kanellis.
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