Flavorite has announced the merger of their three business entities (Flavorite Hydroponic Tomatoes Pty Ltd, Flavourwave Pty Ltd and Flavorite Marketing Pty Ltd) into one business to be known as the "Flavorite Group".
Flavorite has seen significant growth since founders Warren Nichol and Mark Millis started the business in 1988, with 1200 m² of greenhouses built in Warragul, Gippsland Victoria, with the intention to produce the best tasting Australian grown tomatoes 12 months of the year. This vision has since expanded into new product segments with the introduction of specialty tomatoes, capsicums, cucumbers and recently blueberries. The plan is to build on this production base, with further expansion and diversification into exciting new products and segments within the fruit and vegetable stable. With all production now in state of the art glasshouses and protected cropping environments, and a second major growing facility in Katunga, Victoria, Flavorite now spans 420,000 m² in growing area and another 200,000 m² of external growers contributing to supply all major retailers and Central Markets nationally, as well as Asian export markets.
Aerial view of Flavorite’s production facility in Warragul, Gippsland Victoria
Flavorite Group CEO Mike Nichol said "the merger will enable our three successful businesses to join forces to create a consolidated powerhouse which is well positioned to maintain our long-held family values, whilst unlocking the full potential of our talented people, growing and marketing expertise and world class asset base. By streamlining the way we operate and interact internally and externally, we will be able to respond quickly to the market, our customers and new opportunities."
Flavorite have also taken the opportunity to collaborate with Roc Partners, a Sydney-based investment group who have been chosen to manage the Victorian Business Growth Fund, a partnership between First State Super and the Victorian Government. Flavorite will be the first business to benefit from the $250 million Fund, providing capital that will see the business significantly expand its operations and realise its growth potential. This funding, coupled with Flavorite’s streamlined business model and Roc Partner's strategic investment capabilities, will create new employment opportunities and provide for the rapid expansion of the business into new product segments and channels.
Roc Partners’ Managing Partner Michael Lukin said: "We have worked up an exciting partnership with the Flavorite Group, they were pioneers in the protected cropping industry in Australia and have a proven record of innovation and first-in-market experience. Flavorite has a vertically integrated structure and strong management team which makes them an ideal platform business on which to further grow and diversify within the Australian produce industry that is crying out for a more robust and reliable supply chain, which is what consumers rightly expect".
For more information:
Flavorite
flavorite.com.au