Chobani maker, Agro Farma, announces acquisition of Australia's Bead Foods

By WKTV News

NORWICH, N.Y. - On Friday, Agro Farma, maker of Chobani, America’s #1 yogurt brand, announced their acquisition of Bead Foods Pty Ltd, an Australian manufacturer and leading distributor of an innovative range of dairy products, including the Gippsland Dairy brand. This deal makes Bead Foods a wholly owned subsidiary of Agro Farma International.

Established in July 2001, Bead Foods manufactures retail dairy products, with distribution in major supermarket outlets, various health foods stores and delis throughout Australia and select South East Asian markets.

“This acquisition marks a major milestone for Agro Farma as we expand our global reach into key international markets. And we couldn’t have picked a better partner to start with,” said Hamdi Ulukaya, CEO and Founder of Agro Farma. “Not only are Bead Foods’ products world class, but so are their people. We look forward to learning from them, sharing our knowledge and growing together.

In 2010, the Australian yogurt category was valued at over AU$937 million, an increase of 7.6% over 2009, based on data from Retail Media’s MediaWorld’s 2010 Annual Report.

“Our goal is to grow the yogurt category in Australia,” said Ulukaya. “We’ve fallen in love with the country’s beauty and residents, who’ve treated us with great hospitality, and we’re excited to bring them more great options to choose from.”

Together, Agro Farma and Bead Foods plan to further increase their share of this expanding market by growing Gippsland Dairy into one of Australia’s most successful yogurt brands. Agro Farma also plans to incorporate their Nothing but Good philosophy – which includes supporting local farmers, job creation, and community outreach – into Bead Foods’ business model.

“We look forward to being a part of Agro Farma, a strong organization that shares our passion for authenticity and craftsmanship,” said David Mann, CEO of Bead Foods. “Our focus now lies on integrating our companies so as to maximize the benefits for our valued employees, customers, retail partners and community.”

Rabobank acted as Agro Farma’s sole financial advisor. Corrs Chambers Westgarth and Harris Beach provided legal advice, while Ernst & Young provided accounting advisory services to Agro Farma. Bead Foods was advised by Deloitte Corporate Finance with legal advice from Baker & McKenzie.

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