Hansells sale price revealed
NBR Rich Lister Graeme Hart and his son Harry paid about $15 million for Hansells Food Group, according to the company’s latest financial statements.
The Harts bought Hansells in June, along with Hubbard Foods and Gregg’s Sauces, which they rolled into a new vehicle Walter & Wild to form a local food group.
Top brands in the Walter & Wild portfolio include Aunt Betty's, Hansells, Vitafresh, Vitasport, Hubbards' muesli and cereals and Greggs table sauces.
Walter & Wild is 67% owned by Graeme Hart and 33% by Harry Hart.
Hansells' previous owners, including controlling shareholder Varapong Supachok, entered into an agreement to sell the company’s assets and liabilities for approximately $15m, accounts lodged with the Companies Office show.
Hansells recorded a loss of $20.26m for the year to March 2018, taking its accumulated losses to $66.5m. Revenue fell to $96m, down from $103.73m in 2017.
The assets for sale were valued at $39.3m at balance date while liabilities held for sale totalled $26.47m.
As part of the sale Walter & Wild has also taken a 25% stake in Hansells Masterton, a separate food manufacturing and packing specialist.