After a three-way merger, refreshed and re-listed SPC Global (ASX : SPG) has inked its first deal - a $250m provision with HK-based retailer Mannings for high-quality dairy products.
SPC’s international business division Nature One Dairy (NOD) has secured a 10-year exclusivity deal with Mannings’ parent company Dairy Farm Company (DFI) to sell its powdered milk line across 320 health and beauty outlets in Hong Kong and Macau.
DFI is one of Asia’s leading retailers operating brands such as IKEA, Guardian pharmacies and 7-Eleven, posting a total annual revenue of US$26 billion in 2023 from sales across some 11,000 outlets.
NOD CEO Mark Dimopoulos said the division was excited to establish a long-term partnership with such a reputable retailer as Mannings.
“This agreement will allow us to expand our relationship by supplying more high-quality products throughout Mannings’ extensive retail network.”
SPC managing director Rovert Iervasi said NOD’s partnership highlights the dedication to delivering premium products worldwide, while further strengthening its position throughout Asia.
“With our recently announced merger and the exclusive partnership with Mannings now in place, NOD is set to play a central role in SPC Global's vision of building a global food powerhouse.”
Public return
The iconic Victoria-borne SPC has been on the food shelves of Australian supermarkets and household shelves for over 100 years, and now includes brands such as Goulburn Valley, ProVital the Good Meal Co and Street Eats.
It was acquired by CCA in 2005 and subsequently divested in 2019 to private owners in a circa $65 million deal, and has recently marked a return to the ASX after a 19-year absence.
Now SPC Global (and formerly APC Ardmona) is one of Australia’s largest producers of packaged fruit and ready-made tinned vegetables, fruits and meals; and re-entered the ASX in October last year after a backdoor listing onto the bourse through a three-way merger with Original Juice Company and NOD.
The combined businesses are expected to deliver more than $400 million of revenues and more than $29 million of earnings before tax in FY25.
Prior to the Mannings deal, Christmas Eve last year saw the appointment of beverages guru John Harwood as group chief commercial officer, who held senior roles at Diageo and Asahi’s Carlton & United Breweries, to help drive SPC Global’s growth plans.